Top 8 Seller’s Questions

When do I get my sale proceeds?

On the date of recording, your escrow officer will have your proceeds available for your review. At the time of closing, you may request that your escrow officer either cut you a check for your proceeds or wire the funds directly into your bank account.

Why do I have to pay interest on my loan pay-off past the day of recording?

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 pay-off check via overnight mail or wire transfer.

When do I get a refund from my impound account?

After your escrow officer sends your pay-off check to your existing lender, you can expect to get your impound account back direct from your lender within 30-60 days. If you have any questions after that time, we suggest calling your lender.

When do I cancel homeowners/fire insurance?

Please do not cancel your insurance until you have received your sale proceeds.

Why does my escrow officer require that I complete a 1099 form?

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 require to have their sales price reported on the 1099 form.

What is a statement of information?

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 records under similar names.

I don’t understand tax pro-rations. How do they work?

Each year on January 1 the lien of the following year’s property tax attaches to the land, pursuant to Arizona Law. However this is a lien that is not yet payable and it becomes due October 1. Pro-ration simply figures out how much of these taxes you owe, and how much the buyer owes once he/she becomes the owner.