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Top 10 Seller’s Questions
When do I get my sale proceeds? What is a Statement of Information?
On the date of recording, your escrow officer will Statements of Information provide title companies
have your proceeds available. At the time of signing, with the information they need to distinguish the
you may request that your escrow officer either cut buyers and sellers of real property from others with
you a check for your proceeds or wire the funds similar names. After identifying the true buyers
directly into your bank account at closing. and sellers, title companies may disregard the
judgments, liens or other matters on the public
Why do I have to pay interest on my loan records under similar names.
pay-off past the date of recording?
I don’t understand tax pro-rations. How do
Your lender continues to accrue interest until the they work?
actual date that they post your loan as being paid in
full. This could be one or two days from the date your Taxes are based on a fiscal year from July 1 to June
escrow officer sends your pay-off check via overnight 30 from the time you recorded. The escrow officer
delivery or wire transfer. will explain this to you in greater detail at the time
of signing.
When do I get a refund from my impound
account? What will I need to bring with me to the Title
Company when I go to sign my papers?
After your escrow officer sends your pay-off/wire If you need money to close your escrow, you will
check to your existing lender, you can expect to get need to bring a cashier’s check payable to Driggs
your impound account back directly from your lender Title Agency (if the amount was given to you
within 30-60 days. If you have any questions after previously). Bring a valid driver’s license, Nevada
that time, we suggest calling your lender.
ID card, valid passport or military ID as well.
When do I cancel homeowners/fire What do I do if I’m an out-of-state seller and
insurance? selling property in Nevada?
Please do not cancel your insurance until you have Immediately contact your Real Estate agent or your
received your sale proceeds. escrow officer.
Why does my escrow officer require that I What is a Deed of Reconveyance?
complete a 1099 form?
A Deed of Reconveyance is a recordable document
A 1099 form is the reporting form adopted by the issued by your previous lender in conjunction with
IRS for submitting the information required by law. the pay-off of your loan. This document is recorded
Under guidelines established by the IRS, sellers of at the county recorder’s office and shows that the
real property are required to have their sales price mortgage in your name has been released from the
reported on the 1099 form. property and paid in full.
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