Escrow Tip #17 – Hold On To That Proof of Loan Paid Off!

If you are paying of a lien or loan out of your own pocket, it is important to keep proof of this payoff in your permanent records. It may be needed if your CPA requires it for your income tax return. More importantly, if you sell or refinance the property or business, the escrow and the insuring title company may request it as a condition to closing.