What a Buyer needs to know about their Signing Appointment

It is a happy day when a buyer gets the call that all their closing documents are in order and they are asked to make an appointment to sign the documents.  Signing occurs one or two days before the scheduled closing and is determined by when the loan documents are received from the lender  Plan to be at the signing for about 45 minutes to an hour for a first mortgage and if there is a second involved, it may take up to an hour and a half.   What should you bring?  Buyers each need to bring two forms of identification and one must be a photo id  such as a driver's license or passport.  Also, buyers need to remember to bring a cashier's check written from a Washington state financial institution or have their funds wired, confirming the bank's wiring requirements well in advance of the actual closing date.  Who will be at the signing?  The escrow closing officer will explain all the documents to you and show you where to sign.  Your Realtor may or may not attend your signing. 

Property Taxes

April 30th has come and gone.  Did you pay your property taxes?  In King county, bills are mailed to homeowners only once a year on  February 14 and that bill has both first and second half of year payment stubs included. The f First half of the year payment is due April 30 and the second half of the year is due October 31.  Payments may be made by personal or business check, cash or credit card.  Online payment service is available. If you pay by credit card, you will be charged a 2.35% processing fee.  If you are late on your payment, interest will accrue at 1% per month on the unpaid balance.  Extensions are not granted for hardship or any other reason, due to state law.  It is always the taxpayer's responsibility to pay their taxes, so even if you have a mortgage company paying your taxes, you should visit the property tax website to ensure your taxes have been paid.  You may not pay next year's taxes in advance, due to state law. http://payments.kingcounty.gov/metrokc.ecommerce.propertytaxweb/  

There are senior and disabled property owners property-tax deductions available if your annual income does not exceed $35,000 and you own and reside in your home, including mobile homes.  You must be at least 61 years old or if under 61, retired due to disability and unable to work.

You may get an exemption from taxes on the value of improvements if you add new rooms, decks, patios or other improvements if you apply for the exemption before construction is complete.  For details, call the Department of Assessments at 206.296.7300. 

If you disagree with your assessed value and feel a mistake has been made in valuing your property, you may contact the Department of Assessments and file a valuation appeal by contacting the King County Board of Equalization at 206.296.3496.

For more helpful information on paying property taxes in King County, check out: http://payments.kingcounty.gov/metrokc.ecommerce.propertytaxweb/