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NEVADA IS A ESCROW CLOSING STATE

Investor Friendly Escrow agents similar to California’s is used for closings. Conveyance is by grant deed, bargain-and-sale deed, or quitclaim deed.

Deeds of trust are the customary security instruments. Foreclosure involves recording a notice of default and mailing a copy within 10 days. Following the mailing there is a 35-day reinstatement period. After that, the beneficiary may accept partial payment or payment in full for a 3-month period. Then come advertising the property for sale for 3 consecutive weeks and finally the sale itself. All of this takes about 4 1/2 months.

Nevadans use both ALTA and CLTA policies and endorsements. Buyers and sellers share escrow costs.

Buyers pay the lender’s title insurance premiums; sellers pay the owner’s and the state’s transfer tax.