You're in Escrow... Now What?

Escrow opens, your earnest money goes in, and the clock starts on every deadline in your contract. Your offer was accepted. Congratulations, but the work isn't over! Here is exactly what happens between contract and keys, and what's expected at every step.

Escrow is the period between a signed purchase contract and the day you officially own the home. A neutral third party, the escrow or title company, holds all funds and documents until every condition of the contract has been met.

Think of escrow as a controlled handoff. No money moves and no deed transfers until both the buyer and the seller have done what they agreed to. This protects you, the seller, and the lender equally.

In Las Vegas, escrow typically runs 30 to 45 days for a financed purchase. On the standard purchase agreement, escrow opens within one business day of acceptance. During that window you will be working with your lender, your agent, the title company, and inspectors at the same time. Knowing what to expect at each stage makes the whole process far less stressful.

Contingencies are the exits in your contract, and each one has its own deadline. Understand each one before you let it pass.

• Due diligence: a set number of calendar days to inspect and investigate. You can cancel for any reason during it and get your earnest money back.
• Appraisal: if the home appraises below the price, you can renegotiate or cancel with a copy of the appraisal by the appraisal deadline.
• Loan: by the loan deadline you remove it in writing, renegotiate, or cancel.
• HOA resale package: Nevada law (NRS 116.4109) gives you five calendar days after you receive it to cancel without penalty.
• Seller's disclosure: if the seller discloses a defect in writing before closing, Nevada law (NRS 113.150) lets you rescind, with a written, notarized notice served on escrow within 4 working days.
• Title: five business days after you receive the preliminary title report to object.
• Sale of your current home: only if your contract includes one.

The exact days are filled in on your contract. Our transaction coordinators put every one of them on your calendar the day escrow opens.

Small mistakes during escrow can delay or kill your closing. Here is what we tell every buyer on day one.

Do these things

• Respond to lender document requests the same day. Speed is everything in underwriting.
• Keep your job and income steady. No career changes until after closing.
• Read every disclosure, the HOA resale package, and every contingency before signing anything.
• Confirm all wiring instructions by phone before sending funds.
• Bring a wire or cashier's check for your closing funds. Personal checks are not accepted.
• Ask your agent to clarify anything you do not fully understand.

Avoid these mistakes

• Opening new credit accounts or taking on new debt. It can wreck your debt-to-income ratio.
• Making large deposits or transfers without a paper trail your lender can document.
• Buying a car, boat, or furniture before closing, since any new debt can disqualify your loan.
• Wiring money based only on email instructions. Always verify by phone.
• Changing banks or moving funds to different accounts during escrow.
• Letting a contingency deadline pass before every open item has been resolved.