The Buyer Generally Will Pay:
- Lenders title policy premium, if a new loan
- Escrow fee, one half (except Seller pays all on VA)
- Document preparation, if applicable
- Notary fees, if applicable
- Recording charges for all documents in Buyers names
- Homeowners Association transfer fee, according to contract
- Two months Homeowners Association Fee, if applicable
- All new loan charges (except those the lender requires the Seller to pay)
- Interest of new loan from date of funding to 30 days prior to first payment date
- Assumption/change of records fees for takeover of existing loan
- Beneficiary statement fee for assumption of existing loan
- Home warranty premium per contract if applicable
- Hazard insurance premium for first year
- All prepaid items, such as interest, or funds for an escrow account
- Courier fees if applicable
- Professional home inspection (can be paid outside of escrow)
The Seller Generally Will Pay:
Owner’s title insurance premium
Escrow fee, one half (except Seller pays all on VA)
Any loan fees required by Buyer’s lender, i.e, FHA & VA
All loans in Seller’s Name (unless Buyer assumes existing loan)
Interest accrued on loan being paid off, statement fees, re-conveyance fees, prepayment penalties
Termite inspection and termite repairs, per contract
Home warranty premium per contract
Homeowners Associate dues, if applicable
Any judgments, tax liens, etc., against Seller
Recording charges to clear all documents of record against Seller
Property taxes: pro-rated to the date the title is transferred plus any delinquent taxes
Any bonds or assessments per contract
Courier fees if applicable
Septic fees per contract
Any repairs per contract
Any closing credit requested by Buyer in purchase contract
Closing Your Escrow
What To Do Before The Closing Appointment:
Your escrow officer or escrow technician will contact you to schedule your closing appointment and inform you of the funds you need to bring with you. Personal checks are not accepted and all cashier’s checks must be drawn on a bank in Nevada or else there will be delay. Wire transfer is the best method and must be arranged in advance with your escrow officer.
The title company is required by law to have funds deposited before escrow funds can be disbursed. If you have any questions, contact your escrow officer immediately.
Don’t Forget Your Identification:
You will need valid identification with your photo on it. A driver’s license is preferred. This is necessary so that your identity can be sworn to by a notary public. It’s a routine step, but it’s important for your protection.
What Happens Next?
During your closing appointment at the title company, you will sign loan documents and instructions to transfer the title of the home you are purchasing and you will present your identification so the documents can be notarized. You will review the settlement statement and give the escrow officer your cashier’s check. (The Seller will sign at a separate appointment.) This process can also be completed without you being present, check with your escrow officer for details.)
The signed loan documents will be returned to the lender for review. The title company will ensure that all contract conditions have been met and ask the lender to “fund the loan.” If the loan documents are satisfactory, the lender will send the check directly to the title company, usually within 24 hours. When the loan funds are received, the title company will verify that all necessary funds are in. The title company will then record the deed at the Washoe County or Lyon County Recorder’s officer and disburse escrow funds to the Seller and other appropriate payees. At this time your escrow is closed!
You Get The Keys:
After the escrow is closed, the title company will notify your Realtor who will give you the good news and arrange for you to received the keys to your new home.