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Sandy Gadow, a featured guest on CNN's "Open House," and a speaker on national radio as the escrow expert, has more than 25 years experience in escrow, title and real estate. A licensed mortgage broker and real estate sales associate, Sandy is a member of the American Land Title Association, the California Escrow Association, the National Association of Real Estate Editors and on the advisory council for the Escrow Career Center. She is the author of The Complete Guide to Your Real Estate Closing. If you have questions for Sandy see our Ask Sandy page.

What is the IRS Form 4506 which I might be asked to sign at closing?

Form 4506 is a form which gives a lender the right to receive a borrower's tax returns in order to verify the borrower's income. Most all lenders use this form. It is honored by the IRS for 60 days after it is signed and dated. A WORD OF CAUTION: If your lender insists that you sign the form, but leave it undated, this would give the lender the right to use the 4506 form and view copies of your tax returns, any time over the life of your loan. To limit the lender from access to your tax returns indefinitely over the term of your loan, be sure to insist that you be able to date the form at the time of signing.

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