Making an Offer
It is relatively easy to buy residential property in Las Vegas. All offers are written on standard Greater Las Vegas Association of Realtor (GLVAR) purchase agreement. See this page for specific details on the GLVAR purchase agreement and a copy of the document.
There are no lawyers involved in the purchase of a residential property. The transaction is executed through a title company. The title company does not work for the buyer or the seller; they are a neutral third party that executes the sale according to the terms in the purchase agreement. Below is an illustration of the overall process and where the offer fits into the cycle.
Offer Components
- Completed purchase offer.
- Signed "Duties Owed" document. The Duties Owed document informs you that I am a Realtor. Here is the document; the places to sign or initial are marked with yellow.
- Copy of a earnest money check. The check is made payable to "Title Company" and is held by the Realtor (me) and not deposited. The earnest money is only deposited (cashed) after the seller accepts the offer and the contract is formed. Note that after acceptance, you usually have 24 hours to deposit the earnest money by state law.
- Lender pre-approval. All offers must include a pre-approval from a Nevada licensed lender. This means you must apply for and be approved the loan before you can make an offer. The only other option is to make a cash offer. For a cash offer you will need proof of funds. Usually this is a copy of a bank register bearing the same name(s) as the name on the purchase agreement showing a balance equal to or greater than the purchase price.
- Proof of down payment funds. If your pre-approval states that you are putting 3.5% down, you will need to provide a copy of a bank register bearing the same name as the name on the purchase agreement showing a balance equal to or greater than the down payments.
Contact me if you are considering buying or selling Las Vegas real estate. You will be glad you did.
...Eric
Eric Fernwood
RE/MAX CENTRAL
8400 W. Sahara Ave
Las Vegas NV 89117
Email: EricFernwood@gmail.com
Website: www.EricFernwood.com
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