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Las Vegas Closing Costs - Closing Costs in Las Vegas
It is important to have some idea as to what expenses will be involved when buying or selling a home. The items below are based upon what is customarily paid for by a buyer or seller in Clark County, Nevada. However, everything is negotiable, and the purchase agreement governs. Make sure you READ THE PURCHASE AGREEMENT, thoroughly.
Please note: We have not stated any specific amounts because it is difficult to pinpoint exact expenses without specific details.
SELL YOUR HOME FOR 4.5%.
To view the typical Las Vegas Buyer Closing Costs click here.
To view the typical Las Vegas Seller Closing Costs continue to scroll down the page.
Las Vegas Seller Closing Costs
- Escrow Fee
Amount:Varies
When Paid: at close of escrow.
Generally, the Seller pays for half of the escrow fee.
- Owner's Title Insurance
Amount: Depends upon the purchase price of the home.
When Paid: at close of escrow.
Title insurance offers protection for the Buyer against defects in the title.
- Real Property Transfer Tax
Amount: Varies
When Paid: at close of escrow.
For more information about this tax visit the Clark County Recorder's office by clicking here.
- Reconveyance Fee
Amount: Varies
When Paid: at close of escrow.
Covers the cost of removing your current lender's lien from the property title.
- Misc. Title Company Fees
Amount:Varies
When Paid: at close of escrow.
These include processing fees, long distance calls, long distance faxing, courier fees, etc.
- Broker Commission & Fees
Amount:Varies - generally, based upon purchase price of the home.
When Paid: at close of escrow.
Commission fees are negotiable, and vary from broker to broker. Additionally, most brokers charge an marketing or processing fee. This fee can range from $250 on up.
- Appraisal
Amount: Varies
When Paid: generally, at close of escrow.
Generally, Buyer will pay the appraisal fee, then the amount paid will be credited by Seller at close of escrow. The purchase agreement should limit the amount of money you will pay towards the appraisal. We generally limit this amount to $300.00.
- HOA Document Fee
Amount: Varies
When Paid: at the time the documents are ordered.
This fee is charged to you by the management company for your Home Owner's Association. Some companies will charge you partial amounts if you have some of the documents. By law, you are required to provide these documents (if you live in an HOA community) to the Buyer by a certain time period. We have the Buyer sign a document which states if the sale is not completed, the Buyer will return all documents or reimburse Seller for the amounts paid.
- Home Warranty
Amount:$300 on up.
When Paid: at close of escrow.
Seller generally provides basic coverage that covers the home. Also, additional coverage is generally provided to cover a pool and/or spa, if present. The purchase agreement should limit the amount of money you will pay towards a home warranty.
- Repairs and/or Appraisal Conditions
Amount: Varies
When Paid: when repairs are made or at close of escrow.
After a Buyer has the property inspected or appraised, the Buyer will notify you as to any repairs that need to be performed. The purchase agreement should limit the amount of money that you will pay towards these items.
- Well or Septic Tank Permits
Amount: Varies
When Paid: when inspections are made.
If you have a well or septic tank, the Buyer's lender will require a water quality test and permits from the Clark County Health District.
- Loan Payoff
Amount: Varies
When Paid: at close of escrow.
Call your lender to get the exact amount. Additionally, don't forget any prepayment penalties.
- LID or SID payments
Amount:Varies
When Paid: at close of escrow.
This is often overlooked by homeowners when they are trying to determine the net they will get from selling their home. Just remember, LID/SID payments are made for previous months. Example: You make LID/SID payments in July and January. You sell your home in June. You will still owe LID/SID payments for January - close of escrow.
- Miscellaneous Costs
Amount: Varies
When Paid: Varies
Moving expenses, etc.
- VA or FHA Loans
Amount: Varies
When Paid: at close of escrow.
If you have a Buyer that is financing the purchase with a VA or FHA loan, your real estate professional needs to contact the Buyer's lender to determine the exact fees that you have to pay. This should be done prior to you accepting any purchase agreement. If we get an offer which states that FHA or VA financing is involved, we immediately contact the Buyer's lender to get all the details. This allows us to give our Seller a breakdown of the costs involved.
Team Abel would LOVE to represent you in your real estate transaction.
Call us today at 702-807-3339 or e-mail us to set up a meeting to discuss your real estate needs!
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