How many months of property taxes must a buyer typically pay in advance?

Typically, a buyer must pay three months' worth of property taxes in advance when closing on a property. This practice is common because it ensures that the lender has sufficient funds to cover property tax payments due shortly after the sale. It creates a buffer period for the buyer, allowing them time to adjust to owning the property and to ensure that their property tax obligations are met without any lapse that could potentially lead to penalties. The three-month advance payment helps facilitate smooth financial planning for both the buyer and the lender, as property taxes can be a substantial ongoing expense. This standard is often acknowledged in real estate transactions, ensuring that all parties are aware of the financial responsibilities involved in property ownership.