Page 7 - Frances Porte AZ Seller Guide

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 have Statements of Information provide title companies with
your proceeds available for your review. At the time of the information they need to distinguish the buyers and
signing, you may request that your escrow officer either sellers of real property from others with similar names.
cut you a check for your proceeds or wire the funds After identifying the true buyers and sellers, title companies
directly into your bank account. may disregard the judgments, liens or other matters on the
public records under similar names.
Why do I have to pay interest on my loan
pay-off past the date of recording? I don’t understand tax pro-rations.
Your lender continues to accrue interest until the actual How do they work?
date that they post your loan as being paid in full. This Taxes are based on a fiscal year from July 1 to June 30
could be one or two days from the date your escrow from the time you execute all documents to sell your prop-
officer sends your pay-off check via overnight delivery or erty. The escrow officer will explain this to you in greater
wire transfer. detail at the time of signing.

When do I get a refund from my impound What will I need to bring with me to the
account? Title Company when I go to sign my papers?
After your escrow officer sends your pay-off check to If you need money to close your escrow, you will need
your existing lender, you can expect to get your impound to bring a cashier’s check payable to Driggs Title Agency
account back directly from your lender within 30-60 (if the amount was given to you previously). Bring a valid
days. If you have any questions after that time, we suggest driver’s license, Arizona ID card, valid passport or military
calling your lender. ID as well.

When do I cancel homeowners/fire What do I do if I’m an out-of-state seller
insurance? and selling property in Arizona?
Please do not cancel your insurance until you have Immediately contact your real estate agent or your escrow
received your sale proceeds. 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 issued
A 1099 form is the reporting form adopted by the IRS for by your previous lender in conjunction with the pay-off of
submitting the information required by law. Under guide- your loan. This document is recorded at the county record-
lines established by the IRS, sellers of real property are er’s office and shows that the mortgage in your name has
required to have their sales price reported on the 1099 been released from the property and paid in full.
form.

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