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April 19, 2021

Everything about property taxes in Indiana

 

Like most states in the US, Indiana charges property taxes too. Irrespective of the fact you own a residential property or commercial, taxes are levied on both property types across all counties in Indiana. It is important to understand property taxes as they are an important part of closing costs and appear in the ALTA statement as well.  

Property Tax payments in Indiana are due in two equal installments. One is the spring installment, which is due on May 10 and the second one is the Fall Installment, due on November 10.  

Property Tax rates across counties in Indiana:

Property taxes are paid as a percentage of the total value of the property owned. In Indiana, property taxes are relatively lower and come to 0.81% of the value of the property with some variations from one county to another. Here is the list of the median values of property taxes. 

How to calculate property taxes in Indiana?

Calculating the property tax for any county in Indiana is easy. Simply use the following formula

Total property tax payable = (Property Value* rate of tax for the county)

                                           ------------------------------------------------

                                                                      100

 

How to pay property taxes in Indiana?

Yes. In fact, there is a separate item in the mortgage statement, if you are paying one already. If you have no mortgage, then you can also pay online using your debit or credit card.  

Are there any exemptions for property tax in Indiana?

Yes, there are multiple conditions in Indiana that allow exemptions property tax exemptions. These are:

  • Property Tax Deduction is provided for Veterans or Surviving Spouses
  • Indiana state law also provides exemptions for senior citizens and disabled individuals. 
  • 100% exemptions for disabled veterans or their surviving spouses.  
  • Homestead exemptions for property owners 
  • Exemptions for senior citizens 

How to find property tax records for Indiana?

Finding property tax information for Indiana is very easy as it is for other states. There are many websites where you can enter the property details and county to find the details. propertyshark.com is a reliable site that allows you to search tax details for properties across Indiana. 

 

Posted in Real Estate
April 9, 2021

Closing Costs in Indiana

 

Closing costs are an itemized list of expenses such as transfer taxes, title insurance costs, deed recording fees, and much more to prep the property for sale, approve the mortgage and transfer the ownership from the seller to the buyer. 

Both buyer and seller have their own share of closing costs that they incur to facilitate the transaction mutually. While closing costs are normatively divided between the seller and the buyer, a lot of times, parties can negotiate that can change the final amount or the net proceeds that the seller receives after the transaction. 

What is the average closing cost in Indiana?

On average, the closing cost in Indiana is around 1-1.95% of the total sale price of the property. That means a $300,000 property will cost around $3000-$5900 in closing costs. 

What are the numerous closing costs in Indiana?

Closing costs represented as an itemized list of costs may have a total of 15-16 cost items. While a lot of them are paid by the buyer, the seller also contributes by paying a significant share. Here is the list of closing costs paid by the buyer. 

Closing costs paid by Sellers in Indiana

 

Following are the closing costs paid by the seller in Indiana.

Commission for the agent. Commission for the agent is around 6% of the total value of the property. This is the most expensive closing cost component shared between both parties. Hence, the seller pays around 2.5% of the total commission.

Proration. Property taxes are paid as the prorated amount. The seller is supposed to pay the taxes till the time they own the property. For example, if the seller is going out on 30th October, they are going to pay taxes for the first 10 months. The buyer then pays taxes for the remaining two months. Hence, closing at the end of the year is going to cost more in the prorated tax amount.

HOA Fees. The HOA fee is the fee charged by the homeowners’ association for maintenance purposes. It is important for the seller to clear this before they leave the property. 

Outstanding Utility Bills. Before you can sell the property, you should make sure to clear all dues and outstanding utility bills. 

Title Insurance. The title insurance protects the owners and the lenders with the help of the owner’s and lender’s policy respectively. Title insurance amounts to a significant closing amount in Indiana. You can use this Indiana title insurance rate calculator to calculate the price for your policy. 

Title Search. A title search is a process of searching through the records in the county office to establish the owner of the property and make sure that the property is free from liens or any disputes. 

Municipal Lien Search. This is to make sure that the property does have code violations, sewer or water balances, etc. 

Closing costs paid by the Buyers in Indiana

Following are the closing costs paid by the buyer in Indiana.

Home Inspection. The home inspection is initiated by the lender on the buyer’s behalf to make sure that the property is alright and won’t need hefty repairs after purchase. 

Home Appraisal. A home appraisal is done to ascertain the market value of the property for loan origination. The home appraisal fee is also paid by the buyer in Indiana. 

Survey Fee. Surveys could be ordered by the lender in order to make sure that the property does not have any encroachment that could lead to a dispute in the future with the neighbors. The buyer pays the survey fees in Indiana. 

Credit Report. The lender needs this report to grant a mortgage to the buyer. Generating the credit report costs in the amount that is paid by the buyer in Indiana. 

Underwriting Fee. If the buyer is purchasing with a loan, the underwriting fees will apply. It is also called loan application fees or origination fees interchangeably. 

Transfer Taxes. It is the tax collected by the state when the property is transferred from the seller to the buyer. 

Recording Fee. After the deal is done and papers are signed, the new deed is made and recorded in the county records. This is called recording the deed and comes with a fee called recording fees.  

Hope you found our post insightful and helpful. Tuned in for more posts in the future. 

Posted in Real Estate
April 8, 2021

Top Property Appraisers in Indianapolis

 

A property appraisal is one of the crucial steps that determine the financial worth of the property. A property appraiser can unearth a number of things that can potentially change the financial value of the property to a great degree and hence the closing costs as well.

Obviously, appraisers are important but there are a lot of them out there. Even in Indianapolis, there are many companies, who either appraise properties full-time or provide a mix of similar services. So the question is, how do you choose the right appraiser? This is what we are going to answer in this blog. 

In this post, we will give you a curated list of property appraisers around Indianapolis. If you are stationed around Indy or hunting for a property in the nearby areas then this list is going to be useful for you. 

So, here is a list of the top property appraisers around Indianapolis. 

Branch Appraisal Services, Inc. 

Branch Appraisal Services provides its services across the Indianapolis area. It is quite a prominent name among realtors and underwriters when it comes to property valuation. 

One of the best things about this company is the breadth of services they provide besides their mainstream service of property valuation which includes estate settlements, bankruptcy settlement, PMI removal, FHA appraisals, and much more.  

  • Free Resources and Quotes - Yes
  • Experience - -
  • Breadth of Services - Yes
  • Phone - 317 491 4424 
  • Email -  joe@branchappraisalservices.com  

Curd Brothers

Curd Brothers is a popular name when it comes to appraising properties around Indy. 

Other services provided by the company are also commendable as Curd bothers are not limited to appraisal alone. They are more of a real estate consulting firm that provides a host of services, acting as a one-stop solution for clients. 

  • Free Resources and Quotes - -
  • Experience - NA
  • Breadth of Services - Yes
  • Phone - -
  • Email - curdbrothers@gmail.com    

Guhl and Associates, LLC

Guhl and Associates have been appraising properties around Indy for quite some now. The company specializes in residential properties and also deals with PMI of their clients. 

The website allows you to send them text messages and also search foreclosures using zip codes. Apart from that, you also get a comprehensive FAQ section to solve your queries. 

  • Free Resources and Quotes - Yes
  • Experience - -
  • Breadth of Services - No
  • Phone - 3172238165 
  • Email - egffa@sbcglobal.net   

Pierce Appraisal, Inc.

Pierce Appraisal specializes in properties around Indianapolis, specializing in all types of properties. From, single-family homes to condos, the company appraises every type of property including commercial ones as well. 

You can send the valuation request using the form available on the website which makes it extremely convenient for a visitor. 

Free Resources and Quotes - No

  • Experience - NA
  • Breadth of Services - Yes
  • Phone - (317) 442-2310 
  • Email - -

Hope you found the information useful. Keep an eye out for the latest listings on our website and stay updated.

Posted in Real Estate
April 7, 2021

Remote Online Notarization at Indiana

 

The bill of Remote online notarization for Indiana was first introduced in 2018 and has been fully implemented with 100% support. This has ushered in the rise of eClosing which only got common during the current pandemic. 

Since Electronic signatures were already legal in Indiana, it made easy adoption of remote online notarization across the state easier. In fact, the secretary of state has defined clear guidelines to conduct RON in 3 steps. 

Before we delve deeper into the current state of remote online notarization in Indiana, let’s try to understand what remote online notarization really is.

What is Remote Online Notarization?

Remote online notarization (RON) is the process of notarizing documents electronically. Using RON, the buyers, sellers, their respective agents, attorney, and other parties sitting at different physical locations can come together to express consent and legally transfer the ownership of the property. 

The attorney applies the notary seal that marks the completion of the transaction. 

How to become a Remote Online Notary in Indiana?

There are a few steps to become an online notary in the state of Indiana. 

  • The first step is to submit the remote notary application which lists the name of the notary. The application highlights a few affirmation questions from the applicant along with the technology provider. The form also seeks an acknowledgment from the notary about the need to successfully complete the remote notary education and exam of the Indiana state. Application costs $5.
  • The next step is to disclose the remote technology vendor in the application. A list of approved vendors is also given by the secretary of state. Notaries are required to work with the vendors that are approved by the state. 
  • After that, the notaries are supposed to complete the NNA course and submit the certificate of completion. The test duration is 3 hours and costs $95 for a single applicant. 

The last step is to mail the application, completion certificate, and a cheque of $5 payable to the secretary of the state. Applicants can either send the application to INBiz@sos.in.gov and mail the remittance of $5 to the address

Business Services Division

C/O Notary

302 West Washington Street, Room E-018

Indianapolis, IN 46204

Applicants can check the status of their application here. 

Advantages of remote online notarization

There are many advantages of remote online notarization. These are:

eClosing and RON is Safe. One cannot simply change or manipulate the details including the notary seal or signatures of a digital document unlike a physical one. In the current times, RON’s ability to provide social distancing during the closing process also adds to its 

Hassle-free experience. RON saves the hassle for buyers and sellers to travel or mail physical copies of documents. This adds to their positive experience. 

Saves money. RON saves cost during title search and redoing physical documents and the paperwork needed in general. It also saves costs for the clients, they otherwise incur in mailing the documents. 

If you are a registered notary in Florida and thinking about remote notarization, this may be the right time to go for the training program and become an online notary in Florida. 

 

Posted in Real Estate
July 31, 2017

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Posted in Market Updates