1. Cancel your homeowners insurance with your insurance agent
once the transaction has closed, funded and your personal items have been removed from the home. There may be a prorated refund of your homeowner’s policy, based on the latest renewal date, owed to you. If you are remaining at the property after closing, you should notify your insurance agent of this change.
2. Cancel your automated deduction
for your house payment with your current lender if applicable.
3. Your lender will refund all monies left in your escrow account
approximately 15 to 30 business days after receipt of the payoff funds. The lender will mail a package containing your original Promissory Note marked “PAID” and other loan documents. Retain these for future reference. When you receive this confirmation, you may also receive a “Release of Lien” document from your lender. If the release has not already been recorded with the County Clerk’s office, please forward it to your closer at the title company and we will send it to the county to be filed, thereby releasing the lien of record.
4. Refer to your closing statement
Depending on what time of the year you sold your property, the Taxing Appraisal District may not have updated the account to show a change in ownership. If you receive a Tax Bill for the property that you sold, refer to your closing statement and send the bill to the new owners.
5. Important to note
You will receive a Substitute Form 1099-S from Republic Title within 30 days of closing. In addition, retain your closing statement, it serves as a Substitute Form 1099-S for tax purposes.
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