This is not the time to find out that you have a pre-payment penalty. If you do have a prepayment penalty it will be clearly stated on your note agreement. You signed it when you purchased the property. The note is also recorded in the public record. 

If you do come across the note, find out if note is transferable to a new buyer. The note rate could to be helpful in negotiations.

Yes.

It is illegal to charge mortgage interest before it is earned. There is one exception that doesn't apply to sellers.Therefore, a july first morthgage payment is paying the Principle and Interest for the month of June.

The remainder of your monthly mortgage payment which includes one twelfth of your annual insurance and taxes. The day that lender receives your mortgage payoff; your lender will cut you a check.

The excrow funds the lender holds on your behalf will be returned. This can take anywhere between three to six weeks.

If your home inspection uncovers latent defects, and in order to move forward with the sale you have agreed to repair the item(s). 

Many contractors will accept payment at closing. The title company will add the contractors on the HUD Settlement Statement and they will be paid out of the proceeds.

The Queen of England is a wealthy woman. She can legally pay NO TAXES!

Sale of Real Estate may trigger a taxable event. 

If you are not a citizen exiting the U.S.A. with real estate sale proceeds, beware, the tax man cometh.

I am NOT a tax specialist, CPA, or financial planner. I am a real estate specialist. I will sell your property for the highest price, in the shortest time frame, while coaching you through a complicated transaction.

What I can tell you is, it is important to emulate the Queen. Be sure to take full advantage of any legal loop holes available to ease your tax burden.

Real estate property taxes in Hillsborough, Pinellas, and Pasco counties are paid in arrears.

The annual milliage rate is established during the tax year based on the county's budget requirements. Our elected officials establish the millage rate some time in the later part of the year. Usually by late summer, the county will send you a Notice of Proposed Property Taxes; clearly markded Do Not Pay. The Proposed Property Tax needs to be approved first.

Typically this is a rubber stamp, once approved a copy is sent to all lien olders, including your lender. The bill is paid from escrowed funds on hand. 

Should you sell your home for a scheduled closing date of July 1, your county's milliage rate has yet to be established. The title company will use the previous year's tax bill and calculate how much property taes have accrued while the seller occupied the property. The seller reimburses the buyer for the prorated taxes from January through June. At the end of the year the buyer will pay the finalized tax bill. 

The tax man is always first in line for payment from sale proceeds. This is why the lender collects 1/12 of your tax bill with your monthly mortgage payment. Every year the lender will disclose how much escrowed funds they hold on your behalf. The state dictates a cap on escrowed funds. It is in the annual reconciliation notices any excess funds in your account will be reimburesed; any short falls, billed..

Most Purchse Money Loans have a due on sale clause; when you sell you payoff the mortagage loan, in full, at the time of closing. 

If you have to sell when the real estate value is less, or falls short of your loan amount. This is a short sale. 

Don't Panic! We got this. Call me today.