May. 29, 2006 - Taking Title

Taking Title in Nevada

In Nevada we do not use lawyers to close our transactions. We use title companies.
When opening an escrow as a buyer or a seller,you want to be sure that all the terms and conditions of been met before the transfer of ownership of that property. Escrow is a written agreement of those terms and conditions held by a neutral third party known as the Escrow Holder. The Escrow Officer has the responsibility to impartially carry out the written instructions given by the principals making sure all conditions are met by both parties. In other words, the Escrow Officer makes sure that all interests of all parties in the transaction are protected.
The Escrow Officer takes instructions from the terms of the purchase agreement and the lenders requirements. This includes receiving documents necessary to comply with the agreement, completing and obtaining required forms and handling final delivery to the proper parties upon completion of the escrow. Necessary information to complete the transaction must be provided to the Escrow Officer. The elements include loan documents, tax statement, fire and hazard insurance, terms of sale and any seller-assisted financing along with requests for various services that may be paid from the escrow funds.
It is the buyers responsibility to make necessary arrangements if financing is needed. Proof of the loan agreement must be in the hands of the Escrow Officer before the transfer of property can take place. When all instructions in the escrow have been completed the closing can take place. At that time all outstanding funds are collected and any fees such as title insurance, recording fees, real estate commissions, loan payoffs, etc. are disbursed. Title to the property is then transferred under the terms and conditions of the escrow instructions and appropriate title insurance is issued.