Escrow Process

I am sure you have heard of escrow in the past, but lets dive a little deeper to understand what the Nevada escrow process is all about. The escrow is opened or starts once you have an accepted offer and officially closes once you get the keys to the new Reno home. The entire process is comprised of four main phases.

1st is the work the title company completes they are responsible to ensure the Reno home is free of any unexpected liens, they do this by pulling the title report. Once they have record of all involved liens they see to it they are all released before we close.

The 2nd phase is designated to give us time to secure the financing on the Reno or Sparks home. Your lender will typically order an appraisal to ensure the homes value matches or exceeds your loan amount. It also gives your lender time to verify your financial situation and grant final loan approval.

The 3rd phase deals directly with the inspections. The escrow gives us time to complete all the desired inspections like the pest, physical, fireplace, well and septic inspections. Once the inspections are complete, depending on how we structured the offer we can ask the sellers to make the repairs on the issues the inspections discovered. Once the repairs are made we will also have the chance to reinspect the home. If all goes will with the reinspecting we will sign the final walk through report and prepare to close.

The 4th and final phase consists of the last appointment at the title company to sign escrow and loan documents. At closing you will sign the final loan documents with the title officer, once the signing is completed you will be asked for the down payment in form of certified funds. Once all the documents and funds have been collected the closing packet will be released to record at the local county recorders office. Once recorded you will get our congratulations call and we can arrange to release the keys to you. The only thing left to do from here is make your new Reno or Sparks house a home.