Page 7 - Lynn_Schepp_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 Statements of Information provide title companies
have your proceeds available for your review. At the with the information they need to distinguish the
time of signing, you may request that your escrow of- buyers and sellers of real property from others with
ficer either cut you a check for your proceeds or wire similar names. After identifying the true buyers and
the funds directly into your bank account. sellers, title companies may disregard the judg-
ments, liens or other matters on the public records
Why do I have to pay interest on my under similar names.
loan pay-off past the date of recording?
I don’t understand tax pro-rations. How
Your lender continues to accrue interest until the actual do they work?
date that they post your loan as being paid in full. This
could be one or two days from the date your escrow Taxes are based on a fiscal year from July 1 to June
officer sends your pay-off check via overnight deliv- 30 from the time you execute all documents to sell
ery or wire transfer. your property. The escrow officer will explain this to
you in greater detail at the time of signing.
When do I get a refund from my im-
pound account? What will I need to bring with me to the
Title Company when I go to sign my
After your escrow officer sends your pay-off check to papers?
your existing lender, you can expect to get your im-
pound account back directly from your lender within If you need money to close your escrow, you will
30-60 days. If you have any questions after that time, need to bring a cashier’s check payable to Driggs
we suggest calling your lender. Title Agency (if the amount was given to you pre-
viously). Bring a valid driver’s license, Arizona ID
When do I cancel homeowners/fire in- card, valid passport or military ID as well.
surance?
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
Why does my escrow officer require that escrow officer.
I complete a 1099 form?
What is a Deed of Reconveyance?
A 1099 form is the reporting form adopted by the IRS
for submitting the information required by law. Under A Deed of Reconveyance is a recordable document
guidelines established by the IRS, sellers of real prop- issued by your previous lender in conjunction with
erty are required to have their sales price reported on the pay-off of your loan. This document is recorded
the 1099 form. at the county recorder’s office and shows that the
mortgage in your name has been released from the
property and paid in full.

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