The Escrow Process – Closing Costs and Insurance

You’ve found the perfect home, made an offer and the Seller accepted. What happens now?

As your Realtors in Las Vegas and Henderson, the Team at Realty Investments of Nevada will open escrow with a local title company. The escrow process is about you becoming the legal owner of the house. Public records currently show the Seller as the owner since they hold the title establishing their legal ownership.  The title company handles transferring the title to the house to you as the new legal owner and you pay for their help.

First your lender loans you the money to buy the house and you promise to pay it back over time. They charge you loan fees and collect insurance, interest, and reserves.

Legal steps are next. In order for the public records to show that you are the legal owner of the house, the Government has to record the title transfer from the Seller to you. The title company handles the transferring of the title to you as the new legal owner. They will find all the records related to the title of the house and make sure the property is clear for you to purchase. To protect this investment you purchase title insurance. This protects the owner’s and lender’s financial interest in real property against loss due to title defects, liens or other matters. It will defend against a lawsuit attacking the title, or reimburse the insured for the actual monetary loss incurred, up to the dollar amount of insurance provided by the policy.

To recap, escrow and closing involve loans cost, legal cost and titling cost. At your closing meeting with the title company, you will have all these costs summarized on the Government HUD-1 form.

Home buying is very involved and may feel overwhelming but when you have the right team on your side you will be confident in buying property in Las Vegas. As a real estate Broker in Las Vegas, Leah Soares with Realty Investments of Nevada will involve the best professionals needed for each step of your home buying process.

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Become a Realty Investments client now and experience the difference in the way we provide Real Estate services. We provide FREE one-on-one Home Buyers Coaching and aggressive negotiations that benefit our clients in successfully reaching their real estate goals

Leah Soares
Broker / Realtor
Realty Investments of Nevada
“Doing Real Estate Differently”

Contact us now to learn more.