Buying a home in Verdi or selling in Washoe County and wondering what actually happens in escrow? You are not alone. Escrow can feel complex the first time you go through it, especially with lender rules, HOA packets, and recording steps. This guide breaks down the process step by step, highlights local Northern Nevada details, and gives you checklists to keep your closing on track. Let’s dive in.
Escrow basics in Northern Nevada
Escrow is a neutral process run by a third party that holds funds and coordinates the paperwork so the property transfers only when everyone’s conditions are met. In Northern Nevada, a title and escrow company typically manages the file, completes a title search, and can issue title insurance.
Your escrow officer opens the file, gathers documents, coordinates payoffs, calculates prorations, and prepares settlement statements. You and the seller do not exchange funds directly. Federal rules protect you during a financed purchase. Your lender must provide a Closing Disclosure with final loan costs and give you at least 3 business days to review it before signing.
Escrow timeline step by step
Days 0–1: Contract to open escrow
- You and the seller sign the purchase agreement.
- Your earnest money is deposited with escrow, usually within 24–72 hours per the contract.
- Your agent sends the signed contract to the chosen title and escrow company.
Days 1–5: Open file and order reports
- Escrow opens the file, issues instructions, and orders a preliminary title report.
- If there is an HOA, escrow orders the HOA resale package.
- You provide lender details and start loan disclosures; the seller authorizes mortgage payoff requests.
Days 3–10: Inspection and contingencies
- You schedule your home inspection and any specialty inspections you want, such as roof, HVAC, septic, well, pest, or chimney.
- You review seller disclosures and request repairs or credits as allowed by your contract.
- Escrow holds funds and processes any agreed contract changes.
Days 7–30+: Appraisal and underwriting
- The lender orders an appraisal and verifies your documentation.
- Appraisal results can lead to renegotiation if the value comes in low.
- Escrow provides title information to the lender and coordinates any lien payoff details.
About a week out: Clear to close and final numbers
- Your lender aims for “clear to close” once underwriting conditions are satisfied.
- You receive your Closing Disclosure at least 3 business days before signing, as required.
- Escrow prepares the settlement statements, confirms payoffs, and calculates prorations for taxes and HOA dues.
Closing day: Walkthrough, signing, funding, recording
- You complete a final walkthrough 24–48 hours before closing.
- You and the seller sign documents in person or through approved remote notarization, if available.
- After funds arrive, escrow records the deed and your loan at the Washoe County Recorder and disburses money per the instructions. Keys are released per your contract, often upon recording.
Who does what
- Buyer’s agent
- Guides you on the process, helps schedule inspections, reviews disclosures, negotiates repairs or credits, and coordinates with your lender and escrow.
- Seller’s agent
- Helps the seller complete required disclosures, coordinates access and HOA documents, and negotiates terms and responses to repair requests.
- Lender (if financing)
- Collects your documents, orders the appraisal, underwrites the loan, and issues the Loan Estimate and Closing Disclosure.
- Escrow and title company
- Opens escrow, performs the title search, prepares settlement statements, receives and disburses funds, coordinates recording, and issues title commitments and policies.
- Inspectors and appraiser
- Inspectors assess property condition; the appraiser provides a lender-required valuation for financed purchases.
- HOA management (if applicable)
- Delivers the resale package, governing documents, and transfer forms within set timeframes.
Documents you will see
- Purchase and Sale Agreement and addenda
- Earnest money receipt
- Preliminary Title Report or Title Commitment
- Seller’s Property Disclosure and any local addenda
- HOA resale packet and addenda, if applicable
- Inspection reports and repair addenda
- Appraisal report for financed deals
- Payoff statements for the seller’s loans
- Loan Estimate and Closing Disclosure for buyer loans
- ALTA closing statement or settlement statement
- Deed conveying title and the lender’s deed of trust
- County recording and transfer forms
Fees and who usually pays
Local customs vary, and your contract controls final allocations. Here is a general overview for Northern Nevada.
Buyer costs
- Loan charges such as origination, appraisal, and credit report
- Lender’s title insurance policy, if financing is involved
- A share of escrow or closing fees, depending on the contract
- Recording fees for the mortgage, and prorations for property taxes and HOA dues
- Home inspection and specialty inspections
Seller costs
- Owner’s title insurance policy in many markets, though this is negotiable
- Real estate commissions
- Loan payoffs, unpaid taxes or assessments, agreed repairs, and a share of escrow fees
- HOA transfer and resale fees where required, often negotiated or split
Prorations and typical ranges
- Property taxes, HOA dues, and often utilities are prorated to the date of transfer.
- Buyer closing costs often total about 2–5 percent of the purchase price, but the exact amount depends on the loan and contract terms.
- Appraisals are commonly several hundred dollars. Home inspections are also commonly a few hundred dollars. Title insurance, escrow, and recording fees vary by price and provider.
Local Verdi and Washoe tips
- Recording and forms
- Deeds and mortgages are recorded with the Washoe County Recorder. Escrow confirms current fees and required forms.
- Taxes and prorations
- Nevada’s property tax schedule and proration timing may differ from other states. Review the settlement statement closely and ask escrow to explain line items.
- HOA communities
- Many neighborhoods require an HOA resale packet. Order early to avoid delays.
- Water, wells, and septic
- In rural or exurban areas, confirm wells, septic systems, water rights, and any needed specialty inspections.
- Cross-border questions
- Near the Nevada–California line, confirm utility districts, mailing address versus jurisdiction, and which rules apply for disclosures and taxes.
- Timing pitfalls
- Late HOA packets, delayed payoff demands, and appraisal gaps can push the close date. Plan early and keep communication tight.
- Wire-fraud safety
- Verify wiring instructions by calling your escrow officer at a known, independently verified phone number. Do not rely on email-only instructions. Never send funds until you confirm details by phone.
- Remote notarization
- Nevada allows certain remote notarization options. If anyone is out of area, confirm availability with the title company early.
Practical checklists
Buyer checklist
- Provide loan documentation right after mutual acceptance.
- Deposit earnest money on time and get a receipt from escrow.
- Schedule and complete inspections early in your contingency window.
- Review seller disclosures and negotiate repairs or credits as needed.
- Read your Loan Estimate and Closing Disclosure carefully and ask questions early.
- Confirm how you will wire funds and verify wiring instructions by phone.
- Book your final walkthrough 24–48 hours before closing.
- Bring valid ID to signing and confirm certified funds or wire timing.
- After closing, confirm recording and how keys will be delivered.
Seller checklist
- Complete seller disclosures and required forms right away.
- Gather warranties, permits, and receipts for recent work.
- Provide access for inspections and respond to repair requests promptly.
- Authorize payoff requests for any existing loans.
- Ensure escrow has ordered the HOA resale packet, if applicable.
- Review your estimated seller net sheet and confirm payoffs and commissions.
- Bring ID to signing and confirm key and possession instructions.
Closing day: what to expect
Expect a final walkthrough to confirm condition, then signing. Your lender funds after signed documents are returned and final conditions are met. Escrow records the deed and any deed of trust at the Washoe County Recorder, then releases keys as the contract specifies. Recording often happens the same day or within 24 hours of funding.
Ready for a smoother close?
Whether you are buying in Verdi or selling in greater Washoe County, having a clear plan and local support makes escrow more predictable. If you want a walkthrough of your specific timeline, fees, and local requirements, reach out to Chris Lamb. We will help you prepare, avoid delays, and close with confidence.
FAQs
What is escrow in Northern Nevada?
- Escrow is a neutral process where a title and escrow company holds funds, coordinates documents, and records the deed once contract and lender conditions are met.
How long does escrow take in Washoe County?
- Many transactions close in about 30 days, but 17–45 days is common depending on contingencies, appraisal, and lender processing.
When do I get my Closing Disclosure?
- For financed purchases, you must receive your Closing Disclosure at least 3 business days before signing so you have time to review final numbers.
Who pays for title insurance locally?
- The lender’s policy is usually buyer-paid. The owner’s policy is negotiable and depends on local custom and your contract.
When is earnest money refundable?
- Refundability is governed by your contract contingencies, such as inspection or financing. Outside those terms, the seller may be entitled to the deposit.
How do I avoid real estate wire fraud?
- Always verify wiring instructions by calling your escrow officer at a known, independently confirmed number. Do not rely on emailed instructions alone.
When do I get the keys after closing?
- Key release follows your contract terms, often upon funding and recording. Ask your agent and escrow officer to confirm timing for your deal.
