Selling
FAQ's
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When do I get my sale proceeds?
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On
the date of recording, your escrow officer will have your proceeds available
to you in the form of a check drawn on Old Republic Title Company escrow
trust account. You may request in writing prior to the close of escrow
that funds be wired directly into your bank account
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Why
do I have to pay interset on my loan payoff past the date of recording?
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Your
lender requires that interest continue to accrue on the principal balance
until they post the payoff funds. To save additional interest payment,
you may request that your Escrow Officer snd the payoff funds by meansof
overnight delivery, or, if acceptable to the lender, by wire transfer.
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When
do I get a refund on my impound account?
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You
can expect to receive the impound refund directly from your lender within
30 - 60 days after the payoff is posted. If you have any questions,
we suggest calling your lender.
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When do I cancel my homeowner's/fire insurance?
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Your
real estate agent will contact you at the close of escrow regarding
the disbursement of keys in accordance with the provisions in the real
estate purchase contract and receipt for deposit regarding possesion
of the property
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Why does my escrow officer require that I complete a 1099 form?
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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 gross proceeds from
the sale reported on the 1099 form.
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