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Tax Closing Costs

Property Taxes
This is the one closing cost that is often prorated between the buyer and seller If the seller has already paid the annual property taxes, the buyer typically reimburses the seller for the period in which the buyer will be occupying the property Likewise, if the taxes have not yet been paid, the seller typically reimburses the buyer for the period in which the seller occupied the property

Transfer Taxes & Recording Fees
This is the cost for transferring ownership of the property and recording the purchase documents The fee is often calculated as a percentage of the sales price