What is Escrow? |
The escrow process is a series of activities that need to be completed prior to title of a property being transferred to a new owner. In Nevada, a Title Company can handle escrow. It is a great convenience to be able to use one company to handle all the necessary activities. The following activities are the most common that need to be completed prior to "closing escrow": 1. Rewrite the purchase contract in the escrow company format. This rewrite will reflect all the terms of the purchase contract as accepted by the seller and buyer. 2. Complete a title search to ensure the new buyer takes the property with clear title. 3. Coordinate with current mortgage holder to pay off any existing mortgages. 4. Settle property tax bills up to day of closing. 5. Settle county sewer bills up to day of closing. 6. Settle Homeowner Association dues up to day of closing. 7. Pay the Homeowner Association transfer fee. 8. Pay the Nevada Transfer Tax. 9. Coordinate the signing of loan documents for buyer mortgage. 10. Bill for Home Warranty. 11. Hold back impounds for property taxes, hazard insurance, or mortgage insurance. 12. Accept hazard insurance binder for buyer. 13. Prepare a complete seller package for signatures. 14. Prepare a complete buyer package for signatures. 15. Etc, etc, ............ Important: Make sure you allow sufficient time during the escrow period to complete all these activities. On the day that the County Recorder officially records the new deed with the new owner, that will be the close of escrow. All proceed checks will be distributed at that time. |
Jeannine Cutter (702) 283-8882 David Berg (702) 281-5827 |
