Page 7 - Kim Sargent GuideSellerCustom.pdf

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

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