Questions asked By Sellers During a Real Estate Transaction
When do I get my sales proceeds?
On the day of recording, or the following day, your escrow officer will have our proceeds available for your receipt. At the time of signing, you may request that your escrow officer either issue a check for your proceeds or wire the funds directly into your bank account on the day of recording.
When do I cancel my homeowners fire insurance?
Please do not cancel your insurance until you have received your sale proceeds.
What will I need to bring with me when I go to sign my papers?
Bring a valid driver’s license, state I.D. card, valid passport or military I.D. If you need money to close your escrow, you will need to bring a cashier’s check payable to your Escrow Company. When signing a deed or deed of trust the notary will take a thumbprint.
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 having similar names. After obtaining information about the true buyers and sellers, title companies may disregard the judgments, liens or other matters affecting those with similar names.
I don’t understand tax prorations. How do they work?
Taxes are based on a fiscal year from July to June and you will be credited or charged appropriately as of the recording date. The escrow officer will explain this to you in greater detail at the time of signing.
Why do I have to pay interest on my loan payoff past the date of recording?
Your loan continues to accrue interest to the date it is posted as being paid in full. This could be one or two days from the close of escrow even though the payoff is sent via overnight courier or wire transfer. The lender will refund any excess interest.
What do I do if I’m an out of state seller and selling property in California?
Immediately call Help-U-Sell Real Estate or Vista Escrow officer so the process to obtain a possible waiver or reduction can begin.
What is a Deed of Reconveyance?
A deed of reconveyance is a recordable document showing a mortgage has been released from the property.
When do I get a refund from my impound account?
After your title company sends your payoff check to your existing lender you can expect to get your impound account back directly from your lender within 30-60 days. If you have any questions after that time we suggest calling your lender.
Why does my escrow officer require that I complete a 1099 form?
A 1099 form is the reporting form adopted by the I.R.S.for submitting the information required by law. Under guidelines established by the I.R.S. Sellers of real property are required to have their gross proceeds from the sale reported on the 1099 form.
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