In Nevada real estate transactions are closed via the escrow process conducted by a local title company. We will be working with an escrow officer who is a neutral 3rd party between the buyer and seller.
Earnest Money Deposit - when your offer is accepted your earnest money must be deposited with the escrow officer. The deposit can be in the form of a personal check, cashier’s check or bank wire. These funds are held for the duration of the escrow period and applied to your closing costs at closing.
Title Search & Title Insurance - the title company will prepare a title report that shows the current ownership of the property and all recorded liens etc. At closing the title company issues title insurance that protects you and your lender against title issues.
Closing - once all of the contract contingencies have been met and we are ready to close your escrow you will visit the title company to sign the necessary closing documents.
Once your offer is accepted a copy of your contract will be delivered to your lender to continue the process of approving your loan.
Providing Documentation - providing your lender with requested documentation in a timely manner is key to avoid delays in closing.
Appraisal - your lender will need to order your appraisal right away. Once the appraisal has been completed and returned to your lender they will advise the appraised value of the property.
Closing Funds - as we approach closing you will want to work with your lender to determine the exact amount of funds required to close your transaction. Most closing funds are sent via a wire transfer in order to avoid delays in closing.