Title companies are responsible for more than just verifying ownership of a property and insuring against competing claims. They also play an important role in the closing process, namely in facilitating prepayment of costs that may come due at or after signing but before your first mortgage payment is made—things like property taxes, homeowner’s insurance, and title insurance.
Title companies are in charge of collecting this money, putting it in a designated escrow account, and then distributing it to the appropriate third party vendors and tax authorities on behalf of the buyer. If taxes come due on your property during your mortgage transaction, it qualifies as a valid lien on the property. The title company handles payment of these fees to make sure they don’t jeopardize the transaction.
Your local county website is a great resource to check for tax payment due dates, tax bills/statements, and contact information should you need to reach out to them regarding your property taxes.
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