Final Settlement Statement

Question

Contract
sales price
(
1) $118,000.00
Settlement
charges to
borrower
(
2
) $3,491.04
Gross
amount
due from
borrower
(
3)=
(
1
)
+
(
2
)
Deposit or
earnest
money
(
4
) $500.00
Principal
amount of
new loan
(
5
) $94,400.00
County
taxes (half
year
)
(
6
) $605.36
Total paid
by
borrower
(
7)=
(
4
)
+
(
5
)
+
(
6
)
Gross
amount
due from
borrower
(
8)=
(
9
)
+
(10
)
Less
amount
paid by
borrower
(
9
) $95,505.36
Cash from
borrower
(10
) $25,985.68
How much did the borrower
pay for county taxes?

Answer 1

The borrower paid $605.36 for county taxes. This amount can be found in line (6) of the Final Settlement Statement.

Answer 2

$605 was for 1/2 of the year. Would it be doubled

Answer 3

Since the county taxes listed on the Final Settlement Statement represent only half of the year, it would be appropriate to double the amount to get the annual county tax amount.

Therefore, the borrower would pay $605.36 x 2 = $1,210.72 for county taxes for the full year.