|Escrow Process in Las Vegas Real Estate Market by Iowapolitics.com(flicker)|
After an offer is accepted in Las Vegas Market the next step is to open escrow with the Title or Escrow Company by the end of one(1) business day after the execution of the Purchase Agreement. The funds will be held by the Escrow Company until Close of Escrow (Closing).During this time Title Company will prepare a a Title report reflecting all liens if any, and request all updated demands to be paid by the seller in order to transfer free and clear title to the buyer. Also, during this time Home Inspections and Appraisals will be completed. Estimates and preliminary Closing Statements (HUD) will be provided to buyer and seller for review as well.
There are many contingencies that need to be met in order for an escrow to close such as Due Diligence, Appraisal contingency, financing to mention a few. A buyer could get out of a contract if this contingencies are not met.
Once all funds are at Title Company (Escrow), estimates are agreed upon by all parties and all documents are signed, then the file is released by the Title Company for recording in the buyers name. Once the deed and transfer documents are recorded, it is considered a Closed Transaction (Close of Escrow) for all purposes, then the property is ready for buyer to take possession. This could usually happen the same afternoon after all funds and Closing documents are properly signed and notarized by all parties or the next day.