While buying a foreclosed home, Who Pays the Taxes, Utilities etc?
The answer depends on your contract. Most standard state issued contracts call for the property taxes to be prorated- that is that the current owner (bank) to pay an amount of money equal to the estimated property taxes for the part of the year they have owned the home and the buyer to pay for the part of the year they will own the home. If the taxes are not currently due and payable then the bank gives their prorated part to the buyer and the buyer pays the entire tax bill when it is billed. If you have an escrow account then that prorated amount often goes into the escrow account at closing. You would sit up a new utility account at closing time and not be responsible for previous utilities.
