Accepting the Offer Starts the Clock
The offer is accepted.
There is a natural feeling of relief, and then a long list of things that have to happen in the right order.
Lisa's philosophy applies here more than anywhere:
The goal isn't merely getting a house under contract. The goal is getting the seller successfully through closing with the strongest reasonable outcome and the fewest avoidable surprises.
1. Escrow and the Purchase Agreement
The signed purchase agreement goes to escrow, and the escrow officer opens the file.
Escrow coordinates the documents, the money, and the closing mechanics between buyer, seller, lenders and title.
Confirm the escrow company receives the executed contract, any addenda, and the seller's contact information without delay.
The title, escrow and closing guide explains what escrow actually does behind the scenes.
2. The Buyer's Deposit
The buyer's earnest money deposit should be delivered to escrow per the contract.
The deposit is a sign the buyer is in the deal, and its timing is usually a contract deadline.
If the deposit is late or does not arrive, ask Lisa what the contract says, because contract enforcement and the buyer's and seller's rights depend on the specific terms.
3. Title Work
The title company begins the title search, examining public records for ownership, liens, easements, judgments and anything else that could affect the property.
The preliminary title report lists the conditions the title company can see in the record.
If something unexpected appears, such as a lien or an ownership question, the transaction may need delays, documents or professional help.
Title issues are one of the classic reasons closings slip; see property title problems for the kinds of records that show up.
4. The Inspection Period
Under the purchase agreement, the buyer usually has a period for inspections and due diligence.
The buyer may order a general home inspection plus specialized evaluations such as roof, HVAC, pool, sewer or pest.
This is normal, not an attack on the seller.
The inspector will report observations; whether the buyer turns observations into requests, and how the seller responds, is a negotiation.
Inspection problems for sellers walks through separating observations from demands.
5. The Appraisal
If the buyer is financing, the lender will order an appraisal to confirm the property supports the loan amount.
The appraiser is a separate professional with a separate job: valuing the property, not inspecting it.
The comparative market analysis guide explains how a CMA and an appraisal differ.
If the appraisal comes in low, the seller has options; see low appraisal, what now.
6. Financing
The buyer's lender moves from pre-approval through underwriting: income verification, assets, credit, and clear-to-close.
Sellers cannot control this step, but they can make it smoother by responding quickly to any document requests and keeping the transaction moving.
Financing delays are common; the question is whether the buyer is progressing or stalling.
7. Disclosures and Documents
Nevada sellers should complete their required disclosures accurately based on their knowledge.
Disclosure is not the same as repair.
Complete required disclosures thoroughly, and work with an attorney where a legal question exists. Lisa coordinates the real-estate side; she is not an attorney.
The as-is guide explains why “as-is” does not erase disclosure duties.
8. Deadlines and Contingencies
The purchase agreement is full of dates:
- Deposit deadline
- Inspection period end
- Appraisal deadline
- Financing contingency date
- Closing date and time
- Possession date
Missed deadlines have consequences that depend on the contract.
Lisa tracks every date and flags what is coming before it arrives, so the seller is never surprised by a contingency quietly expiring.
9. Closing Day
At closing, escrow finalizes the numbers, the buyer's funds are wired or otherwise delivered, the deed is recorded, and the seller receives the net proceeds.
Review the final settlement statement against the seller net sheet.
Numbers do change between estimate and settlement; see why closing numbers change for the usual reasons.
This guide is part of the Las Vegas Home Seller Resource Center, where pricing, preparation, marketing, offers and escrow each have their own guide.
About Lisa C Hamilton
Lisa C Hamilton has helped people buy and sell real estate in Las Vegas for more than 20 years. Her business has been built largely through referrals, and she is known for proactive preparation, strong negotiation and keeping clients informed throughout the transaction.
Lisa serves buyers and sellers throughout Las Vegas, Henderson and North Las Vegas with THE Brokerage, A Real Estate Firm®. Nevada Real Estate License: S.168195. Your Friend in the Industry.
Learn more about Lisa, contact Lisa, search Las Vegas homes, or sell with Lisa.
