Today, we’ll go over each step of the escrow process and the timeframe for each.

Today we’re going to be talking about the life and process of an escrow. 

So, you’ve found your perfect home here in Las Vegas but here comes the hard part: getting to the closing table.   

“There are 6 contractual timelines within the escrow process”

Once you, as the buyer, have come into a mutual agreement with the seller, you’ll enter the escrow process. A lot of times, buyers are thinking, “What is the escrow process?”

There are 6 contractual timelines within the escrow process:

1. Due diligence 

2. Appraisals

3. Loan contingences

4. Walk-through

5. CIC HOA resale receipt 

6. Seller’s Real Property Disclosure (SRPD)

First, due diligence is the only process that's controlled by the buyer. This is when the inspections need to be done. A regular home inspection includes looking at the HVAC system, the structure of the house, the plumbing, the roof, and more. During this time you have the right to do what’s called a request for repairs, usually, only repairs included in the loan should be requested, especially during a seller's market. The timeframe for due diligence is normally 5-10 days, so you’ll need to be sure you have an inspector lined up ready to go.

Next, appraisals. Appraisals are done anywhere between 7 to 25 days, depending on the market. Once you get the appraisal back, you’ll want to make sure you cancel or negotiate the price (if it comes in undervalued) by the timeframe, or the appraisal gets waived. 

Loan contingencies take 21-25 days. You’ll get final approval from your lender on the loan, with conditions. These include updated paystubs, updated information, and more. 

For the walk-through, the property should look the same as when you saw it during a showing. When you schedule a walk-through you’ll be able to see it 3 days before closing to make sure nothing has been damaged or changed.

For those buying a home in an HOA, a CIC HOA resale receipt will need to be ordered within 2 days and within 10 days you need to receive it as a buyer. You’ll get a packet of information, rules, and regulation regarding the HOA. Once you receive the packet, you have 5 days to review and cancel if you see something you don’t like in the HOA.

The same goes for the Seller’s Real Property Disclosure--you have 5 days to receive it and 10 days to review.  

Once you go into escrow, you’ll need to be aware of all these dates. One of the agents on my team will be able to guide you through the process and answer any questions you have regarding the escrow process.

If you have any questions regarding the escrow process or anything else related to real estate, please reach out to me or a member of my team, we'd be happy to help!