The Top Seller’s Questions
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 recorder’s office and shows that the mortgage in your name has been released from the property and is paid in full.
Immediately contact your real estate agent or your escrow officer.
If you need money to close your escrow you will need to bring a cashier’s check payable to the Title Company. Bring your valid driver’s license and any other documentation your escrow officer has asked for.
Property Taxes are paid in arrears twice yearly. You will be charged for the portion you have used while you have owned the home. Your escrow officer can explain this in further detail.
Statements of Information provide title companies with the information they need to distinguish the buyers and sellers of real property from others with similar names. After identifying the true buyers and sellers, title companies may disregard the judgments, liens or other matters on the public record under similar names.
A 1099 form is the reporting form adopted by the IRS for submitting the information required by law. Under guidelines established by the IRS, sellers of real property are required to have their sales price reported on this form.
Please do not cancel your Homeowners Insurance until your home sale has recorded and you have received your proceeds.
After your escrow officer sends your pay-off check to your existing lender, you can expect to get the balance of your impound account directly from your lender in 30-60 days.
Your lender continues to accrue interest until the actual 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 pay-off check via overnight delivery or wire transfer.
On the date of recording, your escrow officer will have your proceeds available for your review. At the time of signing, you may request that your escrow officer either cut you a check for your proceeds or wire the funds directly into your bank account.