Engel Volkers Buyer & Seller Guide Bozeman - Manual / Resource - Page 53
E n g E l & Vö l k E r s | B U Y E r s g U I D E
Helpful reminders and sources of assistance
our helpful checklist will help you get
prepared ahead of time.
Paying o昀昀 your existing loans
Identi昀椀cation
unless the buyers assume an existing loan on the property,
all loans must be paid off at the close of escrow. the seller
must furnish complete debt information to the escrow
officer and real estate advisor. the seller must be prepared
to provide the name, the loan number, and address and
phone number of each lender. the escrow officer will need
this information to order a loan payoff demand and
subsequently pay off the loan or other encumbrances.
Please bring appropriate identification with you to the title
company so the notary Public can verify your identity.
there are several acceptable forms of identification that
may be used. these include:
• a current driver’s license.
• Passport
• state of Montana Department of Motor Vehicles ID Card.
Tax Deferred 1031 Exchange
Homeowner’s association
information may also be required if you are selling a
condominium, townhouse or property located in a planned
unit development. all of this information will help assure a
timely closing of the escrow.
Power of Attorney
in the event that you wish to use a Power of attorney,
arrangements must be made one to two weeks in advance
with the escrow officer. if the title and escrow firm does
not draft the Power of attorney, their legal staff must
approve it. these arrangements should be made as early as
possible.
if the property you are selling is an investment property and
the proceeds from the sale are going to be used to purchase
other “like-kind” investment real estate, you should
consider a tax- deferred exchange. Exchanging is an
Internal revenue service (Irs) recognized approach to the
deferral of capital gains taxes. The Irs recognizes the use
of an accommodator or Qualified intermediary throughout
your transaction as a safe harbor.
to accurately approach an exchange, become familiar with
the rules and regulations underlying such a tax-deferred or
tax free transaction. we suggest you consult your tax
lawyer or tax professional. For further information contact
NCs Exchange Professionals at (866) 873-1031 or on the
Internet www.NCs1031.com.
53
