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Allegheny Settlement Company
FAQs for Sellers
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FAQs for Sellers
How do I get paid?

What kind of check am I going to receive?
What is my payoff?
Who will prepare the new deed?
Why is there an overnight courier fee?
How is my payoff obtained?
What do I need to bring to the closing?
How is my Mortgage satisfied on the public record?
How are my final water/sewage/garbage bills paid?
What if I get a tax bill after the closing?
What if my Mortgage payments are automatically deducted?
What about my homeowner's insurance?
What happens to my escrow account?


How do I get paid?
At the end of your closing, the attorney will give you a check representing your "net proceeds." In other words, whatever is left after your Mortgage payoffs, commissions, final water and sewage, transfer tax, and other administrative fees plus (or minus) tax pro-rations.

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What kind of check am I going to receive?
At the closing, you will receive a check from our escrow account. This is not a cashier's check and it is not a certified check, either. After you deposit it, it may take more than one day to clear your bank. If you need this check to take to another closing (for example, if you're leaving our closing to go purchase a house), make sure that the other settlement company will accept our escrow check in lieu of certified funds or a cashier's check.

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What is my payoff?
At closing, we collect the amount to pay your Mortgage in full. This is called your "payoff." Typically, people are surprised to see that their payoff amount is greater than what they were expecting. That's because when you called your Mortgage Lender, they told you the principal balance but they left out the daily interest that adds to the principal balance.

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Who will prepare the new deed?
For $100.00, we will prepare the deed that conveys your ownership interest to your Buyer. If you have your old deed, please fax it to us because it will help us get started on preparing the new deed.

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Why is there an overnight courier fee?
As you know, interest is adding to your payoff on a daily basis. By sending your payoff via overnight courier, we can be sure that your payoff is delivered and we can prevent unnecessary interest from accumulating. Our overnight mail fee is $13.50.

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How is my payoff obtained?
Initially, we will ask you for information about your Mortgage, including your account number and social security number. Then we will attempt to obtain payoff information from your Mortgage Lender. If the Lender refuses to provide us with the information, we will contact you for a written authorization. At closing, we will deduct your Mortgage payoff from your sale proceeds and send your payoff via overnight courier (ex., Airborne Express, FedEx).

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What do I need to bring to the closing?
1).Your driver's license.
2).Any keys or other means for your Buyer to gain entry into the house.

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How is my Mortgage satisfied on the public record?
After your Mortgage loan is paid in full, your Lender will stamp "paid-in-full" on your original note and Mortgage. They will send the note directly to you. If they send the Mortgage to you, then forward it to us. Once we receive the Mortgage, we will deliver it to the county Office of Recorder of Deeds, who will indicate on the public record that your Mortgage has been satisfied.

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How are my final water/sewage/garbage bills paid?
At the Closing, we collect a figure that we estimate to be enough to pay any final water and/or sewage bills. If you receive a water and/or sewage bill after the Closing, be sure to send it to us immediately. Upon receipt, we will pay the final bill and refund any excess funds back to you.

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What if I get a tax bill after the closing?
Send it to your Buyer immediately.

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What if my Mortgage payments are automatically deducted?
You must call your Mortgage Lender immediately and request that they cease the automatic deduction.

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What about my homeowner's insurance?
Call your homeowner's insurance agent immediately after the closing and request that they cease coverage. Ask your Agent if you are entitled to a refund of a portion of your premium.

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What happens to my escrow account?
Most Lenders will refund the balance of your escrow account within three weeks from the date the payoff is received. In rare circumstances, Lenders apply the escrow balance to your payoff, thereby reducing your payoff figure.

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Questions? Contact Allegheny Settlement Company, Inc.