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The Home Buying Process

  1. Select a Realtor
  2. Select a lender and obtain a pre-approval
  3. Select a home that meets your needs
  4. Buyer submits offer on the home
  5. Buyer and Seller negotiate until they agree on a purchase contract
  6. Escrow is opened and earnest money is deposited, due diligence period begins for the Buyer
  7. Property inspection is ordered by the Buyer
  8. Home owner's insurance is obtained by the Buyer
  9. Home owner association documents are provided to Buyer from Seller for review
  10. Loan application is completed by Buyer
  11. Copy of inspection is given to Buyer and Seller. Request for repairs is given to Seller from Buyer
  12. Appraisal is ordered by Lender
  13. Appraisal is completed
  14. Repair work is ordered by Seller
  15. Buyers loan is approved by Lender
  16. Other inspections are completed, if needed by Buyer
  17. Repairs are completed by Seller
  18. Final contingencies are removed, due diligence period ends
  19. Final signing appointment is scheduled
  20. Closing figures are confirmed with Escrow officer, Buyer informed of funds due at closing
  21. Final documents signed by Buyer and Seller
  22. Loan documents are sent back to Lender for review
  23. Funds are sent to Title company from lender on behalf of the Buyer
  24. Final documents filed with Clark County Recorder by Title company

The BUYER can generally expect to pay for the following Closing Costs*:

  1. Lender's title policy premiums
  2. ½ of the escrow fee
  3. Document preparation (if applicable)
  4. Notary fees (if applicable)
  5. Recording charge for all documents in Buyers' name
  6. All new loan charges (except those required by lender for Seller to pay)
  7. Interest on new loan from date of funding to 30 days prior to first payment date
  8. Home owner's insurance premium for first year
  9. All pre-paids
  10. All inspections

*This list is not necessarily all-inclusive and all the services for which payment may be allowable or non-allowable may not be identified.