5 Seller Refunds That May Be Available After You’ve Sold Your Home
Sold your house? Don’t forget these refunds that may be available to you:
If you had a mortgage on your home and you escrowed your property taxes and homeowners’ insurance, you are entitled to any overage amounts left in your escrow account. If you do not receive your overage between 30-45 days from the sale of your home, contact your lender.
Private mortgage insurance
If you had private mortgage insurance, and you paid it in a lump sum when buying your previous home and the mortgage was not paid off prior to the time of the sale, you are entitled to receive the overage back. Contact your lender for more details.
Your title closing company is required to collect 10 days per diem to process any mortgage payoff to your lender. If the process takes less than 10 days, you may be refunded the amount of days not used from the payoff.
Unused home insurance premium
Contact your insurance carrier immediately following your closing to request reimbursement of unused premiums.
There are several tax deductions associated with selling your home:
- Selling costs, including closing costs
- Home improvements and repairs
- Property taxes
- Mortgage interest
- Capital gains exclusions
*Contact your CPA for information