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PAGE 8                      To advertise call (775)727-8787                                    January 2023

                                                                                The following items represent a typical list of what an escrow holder does
                                                                                or does not do:

                                                                                The Escrow Holder:

                                                                                •Serves as the neutral third party to become the holder of all documents
                                                                                and monies and
                                                                                communicate to all parties in the transaction

                                 IN ACTION                                      • Prepares escrow instructions
                                                                                • Requests a preliminary title search to deliver to all parties
                                                                                • Requests a bene ciary’s statement if debt or obligation is to be taken
                                                                                over by the buyer
                               ESCROW                                           • Complies with lender’s requirements, speci ed in the escrow agreement
                                                                                • Receives purchase funds from the buyer

                    WHAT IS IT AND                                              • Prepares or secures the deed or other documents related to escrow
                                                                                • Prorates taxes, interest, insurance , and rents according to instructions
               WHY DO I NEED IT?                                                • Secures releases of all contingencies or other conditions as imposed on
                                                                                any particular escrow
                                                                                • Records deeds and any other documents as instructed
          Buying or selling a home (or other type of real property) usually     • Closes escrow when all the instructions of buyer and seller have been
          involves the transfer of large sums of money. Therefore, it is imperative   carried out
          that the transfer of these funds and related documents from one party   • Disburses funds as authorized by instructions, including charges for title
          to another be handled in a neutral, secure and knowledgeable          insurance, recording fees, real estate commissions, and loan payo s
          manner. For the protection of buyer, seller  and lender, the escrow   • Prepares  nal statements for all parties accounting for the disposition of
          process was developed as a neutral third party to real estate         all funds deposited in escrow (these are useful in the preparation of tax
          transactions.                                                         returns).

          As a buyer or seller, you want to be certain all conditions of sale have   The Escrow Holder Does Not:
          been met before property is recorded and money changes hands.
          Simply stated, the escrow holder impartially carries out the          • O er legal or tax advice
          written instructions given by the principals. This includes receiving   • Negotiate the transaction
          funds and documents necessary to comply with those instructions,      • O er investment advice
          completing or obtaining required forms and handling  nal delivery of
          all items to the proper parties upon the successful completion of the         CLEAR AS MUD? GIVE US A
                                                                                       CALL - WE CAN HELP CLEAR

          The escrow must be provided with the necessary information to close                    THIS UP FOR YOU
          the transaction. This may include loan documents, tax statements,
          hazard insurance policies, title insurance policies, terms of the sale and                 775.727.5858
          any seller-assisted  nancing, and requests for payment for various
          services to be paid out of escrow funds.

          If the transaction is dependent on arranging new  nancing, it is the
          buyer  or the buyer’s  agent’s responsibility  to make  the necessary
          arrangements. Documentation of the new loan agreement must be in
          the hands of the escrow holder before the transfer of the property can
          take place. A real estate agent can help identify lending institutions
          that could be of bene cial service to the buyer.

          When all the instructions in the escrow have been carried out, the
          closing can take place. At this time, all outstanding funds are collected
          and fees-such as title insurance premiums, real estate
          commissions, termite inspection charges-are paid.  Title to the
          property is then transferred under the terms of the escrow
          instructions and appropriate title insurance is issued.

          In Nevada, escrow requires all funds to be in the form of “good funds,”
          generally, meaning wired funds. Always check with the escrow
          company to determine what they require to avoid any delays caused
          by the necessity of holding funds to clear.
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