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EXCESS PROCEEDS OF SALE 1 To File for Release of Funds Superior Court of Arizona in Maricopa County ALL RIGHTS RESERVED CVEP1 — 5370 072513 Self-Service Center EXCESS PROCEEDS OF SALE CHECKLIST

How to fill out excess proceeds of sale

How to fill out excess proceeds of sale?

1. Begin by gathering all relevant documentation related to the sale, including the sales contract, closing statement, and any additional documents provided by the escrow or closing agent.
2. Review the sales contract and closing statement to determine the specific terms and conditions related to excess proceeds. This may include any obligations to repay outstanding loans or liens attached to the property.
3. Calculate the total amount of excess proceeds by subtracting all outstanding amounts and fees from the final sale price. This may include paying off any remaining mortgage balance, real estate agent fees, closing costs, and other expenses related to the sale.
4. Consult with legal or financial professionals for guidance on how to distribute the excess proceeds. In some cases, there may be specific legal requirements or restrictions on how these funds can be allocated.
5. Provide documentation of the excess proceeds distribution to all relevant parties, such as the seller, the real estate agents involved, and any lenders or lien holders associated with the property.
6. Keep accurate records of the excess proceeds distribution for tax purposes and future reference.

Who needs excess proceeds of sale?

1. Homeowners who have recently sold their property may be entitled to excess proceeds if the final sale price exceeds the amount necessary to pay off all outstanding debts and expenses associated with the sale.
2. Lenders may have a claim to any excess proceeds if the property was subject to a mortgage or other loan. The lender's claim may be related to any remaining balance on the mortgage, as well as interest and fees.
3. Other lien holders or creditors who have placed a claim on the property may also have a right to the excess proceeds. This can include entities such as tax authorities, contractors, or homeowners' associations.
4. Real estate agents involved in the sale may be entitled to a commission or fee from the excess proceeds, as specified in the sales contract or brokerage agreement.
5. Depending on local laws and regulations, any remaining excess proceeds may be distributed to the former homeowner. However, it is essential to consult with legal or financial professionals to ensure compliance with all relevant statutes and obligations.

For pdfFiller’s FAQs

What is excess proceeds of sale?

Excess proceeds of sale are funds that remain after a property is sold at a foreclosure auction and the liens and debts against the property have been paid.

Who is required to file excess proceeds of sale?

The person or entity that is legally entitled to the excess proceeds of sale is required to file for them.

How to fill out excess proceeds of sale?

To fill out excess proceeds of sale, the claimant must submit a petition to the court that oversaw the foreclosure sale.

What is the purpose of excess proceeds of sale?

The purpose of excess proceeds of sale is to ensure that the rightful owner of the funds receives them, rather than them being retained by the court or other parties.

What information must be reported on excess proceeds of sale?

The claimant must provide documentation proving their entitlement to the excess proceeds, such as a copy of the foreclosure sale documents and proof of ownership.

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