Home Buying in Los Angeles>Question Details

Julie Fuller, Home Buyer in Las Vegas, NV

How long can a title company hold the closing funds in the state of Nevada?

Asked by Julie Fuller, Las Vegas, NV Fri Jul 12, 2013

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6
I agree with Ron, who agrees with Carlos, who agrees with Emily.
1 vote Thank Flag Link Sat Jul 13, 2013
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
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I agree with Emily below.
1 vote Thank Flag Link Sat Jul 13, 2013
Normally closing funds in Nevada are treated the same as in California, once escrow has closed & the new deed has been recorded by the county, Clark County in your case, the title co. would be cutting checks or wiring funds to the seller on the following business day.

UNLESS

Some 3rd party, like a judge or BK court or someone else has a right or judgment against certain funds due the seller or someone is contesting the funds the seller is going to receive. Those are the only reasons there would be any kind of hold up in receiving proceeds from a sale.

I don't look back on this same posting for answers after mine.

Emily S. Knell
EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Realty ONE Group
Also Licensed in Las Vegas
1 vote Thank Flag Link Fri Jul 12, 2013
So not the case title hasn't been recorded yet because it is a short sale and lender missed their own deadline? I am the buyer?
Flag Sat Jul 13, 2013
We have funds for an invoice submitted to the title company here in Texas
The Seller is asking the title company to hold the funds. it is closed and everyone else has been funded but they are holding my funds. Can they do that or if they can how long can they hold them.
0 votes Thank Flag Link Mon Jul 13, 2015
I agree with Carlos, who agrees with Emily.
0 votes Thank Flag Link Sat Jul 13, 2013
Your question is vague. Why are they holding funds? Whose funds are they holding?
I suppose they can hold as long as they want or a judge orders them released...

Ron
0 votes Thank Flag Link Fri Jul 12, 2013
No actually I wantt hem to hold them. This is a short sale. I am the buyer. The offer was made in November last year and has been delayed once due to low appraisal. We got back on track this June only to have the closing completed from my end (papers signed, money transferred to title company) but the seller (lender) missed the closing date - so we are waiting for fannie mae approval to approve a new closing date. It has been one week already and I don't want to have to start the financing again because the title company might was to return the money - part mine part my lender.
Flag Fri Jul 12, 2013
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