Top 10 Questions About The Escrow Process for Sellers
Cliff Stanwick Seller's Guide cancel homeowners insurance, escrow process, loan payoff, loan payoff interest, sale proceeds
FAQ (Frequently Asked Questions) by Sellers about the escrow process.
- On the date of recording, your escrow officer will have your sale proceeds available for you. At the time of signing, you may request that your escrow officer either cut you a check for your proceeds or wire funds directly into your bank account.
- Your lender continues to accrue interest to the date that they post your loan as being paid in full. This could be one or two days from the date your escrow officer sends your check.
After your escrow officer sends your payoff check to your existing lender, you can expect to get your impound account back directly from your lender within thirty to sixty days. If you have any questions after that time, we suggest calling your lender.
Please do not cancel your insurance until you have received your sale proceeds.
A 1099 form is the reporting form adopted by the I.R.S. for submitting the information required by law. The form you complete at closing determines whether or not we need to report the gross proceeds to the I.R.S. or not.
A Statement of Information provides title companies with the information they need to distinguish the buyers and sellers of real property from other people with similar names. After identifying the true buyers and sellers, title companies may disregard the judgments, liens, or other matters on the public records under similar names.
- Taxes are based on a fiscal year from July to July. Based on what taxes are paid or are being paid, the pro-ration is from COE to the next date taxes are due. This can be explained more at signing.
- You will need to bring your checkbook for the purpose of routing information in case you want your funds wired to your account. Bring a valid form of picture ID.
Immediately contact your real estate agent or your escrow officer—this can be a time consuming process.
A Deed of Reconveyance is issued by your previous lender in conjunction with the payoff on your loan. This document is recorded at the county recorder’s office and shows that the mortgage in your name has been released from the property and paid in full.