Page 7 - Victor Alvarado Seller Guide
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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 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.




       www.driggtitle.com                                                                                          07
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