Signature is keeping watch for what could be a growing trend in cities and towns charging a fee to provide tax status information on a property. For example, effective July 1, 2010 the City of Portland will charge a $25 fee to provide tax and municipal services status information on a property. These fees would become seller charges as the information is necessary to provide clear title to the buyer. We will keep you abreast of updates on these trends as they become more relevant to our geographic market area (Rockingham, Strafford and York Counties). Should you have any questions, please contact your Signature Representative.
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This is something I am also seeing and was news to me as well. As a loan officer, it is important to me to narrow down closing costs as accurately as possible from the beginning. Consumers like to be informed and every dollar counts, so they count on me to provide them with accurate information.
I can always count on Signture to be on top of trends such as these and keep us up to date on what’s happending in this industry.
Thank you Signature Title for your hard work!
Linda Peters
Comment by Linda Peters — September 14, 2010 @ 2:17 pm
Is this charge (or proposed charge) going to be something that can be eliminated if the Seller requests the information directly?
Comment by Michael Coppola — September 14, 2010 @ 2:36 pm
Just one more fee…………..
Comment by Jan Vetterling — September 14, 2010 @ 4:04 pm
I had no idea that towns were doing this. Keeping us posted as to any updates & changes, is so important and appreciated. Thank you ~
Comment by Elizabeth Rawding — September 14, 2010 @ 9:55 pm
Michael,
To respond to your question, if the seller were to request the tax information from the town, the town would charge them directly. Either way, the seller would pay for the statement needed for closing.
Comment by admin — September 15, 2010 @ 2:11 pm