To ensure that a property is properly conveyed from the seller to the buyer, escrow/settlement services provide a neutral third party. It takes in all the money loan funds, if applicable, and disburses the money. It also makes sure that the title is perfected to pass onto the owner.
First American Title Company of Nevada offers full escrow services on transactions for which we are issuing title insurance. The cost of this service is dependent upon the transaction value and the extent of service required. Contact your First American escrow officer for details.
The escrow agent is an impartial third party who holds the funds and legal instruments necessary to complete the transaction and makes concurrent delivery of the deed to the purchaser and the seller's proceeds to the seller when all of the terms and conditions of the transaction have been performed.
An escrow agent acts on the mutual instructions given and does not represent any party to the transaction. Some of the tasks an escrow agent may perform are as follows:
- Receiving and holding all monies, instructions and documents pertaining to the purchase.
- Preparing and complying with Buyer and Seller instructions for the purchase/sale of the property.
- Order payoff information on existing loans.
- Calculate and prorate taxes, liens, interest, rents and insurance policies.
- Complying with the borrowers' requirements in its instructions to escrow.
- Pay costs and liens as agreed upon by the parties to the transaction.
- Arrange for title insurance policy for the buyer and lender.
- Close the transaction after all instructions from the buyer and seller have been satisfied.
- Disburse funds as authorized by the instructions, including charges for real estate commissions, loan payoffs, title insurance, taxes, recording fees and other costs.
- Prepare final closing statement for the parties to the transaction, showing disposition of funds in the transaction.
- Arrange for recording of the conveyancing documents and any other legal instruments necessary to transfer title to the property pursuant to the purchase agreement.
For additional information please contact us at 775.823.6200.
Why work with First American?
- You benefit from the backing of a large, financially stable corporation
- First American is the only company with a single, national closing platform. Our leading‐edge
technology provides superior ability to communicate and process orders
What do we offer?
- Top‐flight customer service and support
- Expertise in handling complicated transactions, especially in today's challenging environment
- Enhanced ability to communicate and process orders
- Outstanding customer service and support
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