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Home Buyer's Guide

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Home Buyer's Guide THE COMPANY YOU CAN TRUST Making many parts mesh to run Like Clockwork® is the job of every real estate professional, and it has been a North American Title Company tradition for more than 60 years. That history of performance is part of your assurance that North American Title will deliver what you need on time, every time. North American Title’s nationwide network of oces gives us insight into local conditions and situations, and provides the basis for personalized service that is responsive, capable and exible. Our size enables us to put customized systems and personnel to work on your behalf; our local presence lets you work with someone who knows you and the challenges of your area. Our premier status in the industry enables us to attract associates whose capabilities and commitment help us set the standard against which all others are measured. As we continue our rapid growth throughout the country, we invest the time and eort needed to attract and retain the human resources that are the foundation of our success. Our associates have the company support, the ability, the knowledge, and the attitude that results in better service for you. We hire only the best associates because we are uncompromising in our intent to deliver only the best service. Our people add value to every North American Title transaction. Our commitment to you is a commitment from every associate at North American Title. We combine a carefully chosen team, superior resources and an unyielding commitment to quality. The result for you – Like Clockwork®. Table of Contents Home Buyer’s Guide Title Insurance: Where Does Your Dollar Go? 4 What Do Your Closing Costs Cover? 5 Common Forms of Nevada Residential Ownership 6 Common Ways of Holding Title 8 Title Policy Comparison Chart 9 Nevada Branch Locations 10 Statement of Information 11 What Is Escrow? 12 The Good Faith Estimate (GFE) 13 What an Escrow Holder Does and Does Not Do 15 The Escrow Process 16 Who Pays What? 17 Successful Closings 18 Nevada Annual Property Tax Calendar 19 Avoid Property Tax Penalties 20 Moving Checklist 21 Your Guide to Real Estate Terminology 22 Why a Home Warranty? 25 Why a Home Inspection? 26 Important Numbers – Las Vegas 27 Important Numbers – Washoe County 28 |3 TITLE INSURANCE: Where Does Your Dollar Go? It pays for legal interpretation It pays for property plant resources Title insurance, unlike property or casualty In Nevada, most title companies have access to insurance, operates under the theory of risk computer-based title plant systems that speed elimination. Title companies spend a high the delivery of the title search to the customer. percentage of their operating income each year This investment in skilled personnel and collecting, storing, maintaining and analyzing advanced data processing represents a major ocial records for information that aects title part of the title insurance premium dollar. Proper to real property. Their technical experts are title plant maintenance, research, evaluation and trained to identify the rights others may have legal interpretation are the foundations upon to your property, such as recorded liens, legal which a title policy rests. That is where most of actions, disputed interests, rights of way or other your dollar goes when you pay for title insurance encumbrances on your title. Before closing your at your closing. transaction, the title company “clears” those Title Insurance rates are led with the Nevada issues. In fact, according to the American Land Division of Insurance, and each company is Title Association, more than one-third of all title required to publicly post its schedule of fees. As in searches reveal a problem that title professionals all competitive business environments, rates vary x before you go to closing. from company to company, so you should make It pays to identify and eliminate comparisons before deciding on a particular title potential risk company. In addition, there are many helpful customer services provided by title companies Most other types of insurance anticipate losses that you and your real estate professional may and collect premiums based on a certain number nd benecial to your transaction. of claims that will be made over time. Instead, title insurance premiums are paid to identify and eliminate potential risks and claims before they happen. In addition, title insurance involves a one-time premium, paid when you close the real estate transaction, while property, casualty and medical insurance require regular renewal premiums. It pays for research and claims management The goal of title companies is to conduct such a thorough search and evaluation of public records that claims will never arise. Of course, we live in an imperfect world where human error and changing legal interpretations make 100 percent risk elimination impossible. So when claims arise, professional claims personnel are assigned to handle them according to the terms of the existing title insurance policy. 4| What Do Your Closing Costs Cover? When you apply for your loan, you will receive a Good Faith Estimate of Settlement Charges and a booklet explaining these costs in detail. In addition, North American Title personnel will review and explain your settlement statement when you are ready to close your transaction. Here are some closing costs you may incur on the purchase of your home. } Loan origination fee } Prepaid interest This fee covers the lender’s administrative Depending on the day of the month your costs in processing the loan. It is a one- loan closes, this charge may vary from a full time fee and is generally expressed as a month’s interest to just a few days’ interest. If percentage of the loan amount. your loan closes near the end of the month, } Loan discount you will only have to pay a few days’ interest. Often called “points,” a loan discount is a } Private mortgage one-time charge used to adjust the yield on insurance (PMI) premium the loan to what market conditions demand. Depending on the amount of your down One point is equal to 1 percent of the loan payment, you may be required to pay a fee amount. for mortgage insurance, which protects the } Appraisal fee lender against loss due to foreclosure. You may also be required to put a certain amount This is a one-time fee that pays for an for PMI into a special reserve account, called appraisal, which is a statement of property an impound account, held by the lender. value required on most loans and made by an independent appraiser. } Taxes and hazard insurance } Credit report fee Based on the month you close, property taxes will be prorated between you and the seller. This one-time fee covers the cost of the credit You will also need to pay an entire year’s report, processed by an independent credit hazard insurance/ homeowner’s insurance reporting agency. premium up front. You also may be required } Title insurance fees to put a certain amount for taxes and There are two title policies, an Owner’s title insurance into an impound account held by policy that protects the new homeowner, and the lender. a Lender’s title policy that protects the lender } Short-term and reissue rates against loss due to a defect in the title. These When the property’s current owner was are both one-time fees. insured with an Owner’s policy within the } Miscellaneous title charges past five years, North American Title Company The title company may charge fees for a will honor the policy even if it was written title search, title examination, document by another title company. The new Owner’s preparation, notary fees, recording fees and policy will be discounted. Other reissue rates a settlement of closing fee. These are all one- are available that may save on the normal time charges. Owner’s policy rate. Call your Escrow Officer for other discounts that may apply to } Document preparation fee your situation. There may be a separate, one-time fee that covers preparation of the final legal papers, including the note and deed of trust. |5 COMMON FORMS of Nevada Residential Ownership How should I take ownership of the (joint tenancy, community property, etc.) the property I am buying? legal presumption is that the vesting is tenancy in common. Interest may be any fraction of Nevada real property purchasers who ask their the whole; thus one party may own one-tenth, real estate, escrow and title professionals this another three-tenths, and a third party may own important question must understand that these the remaining three-fths. There is no right of professionals may identify methods of owning survivorship; each tenant owns an interest which property. However, they may not recommend vests in his or her heirs or devisees upon death. a specic form of ownership, as this would constitute practicing law. Joint Tenancy Because real property is among the most valuable Joint tenancy exists when two or more persons of assets, the question of how parties take are joint and equal owners of the same ownership of their property is of great importance. undivided interest in specied property. The The form of ownership taken – the vesting of title main characteristic of joint tenancy is the right of – will determine who may sign various documents survivorship. When a joint tenant dies, his or her involving the property and the future rights of interest in the property is terminated, and the the parties in the transaction. These rights involve estate continues in the survivor or survivors. such matters as real property taxes, income taxes, inheritance and gift taxes, transferability of title, The usual method of creation of a joint tenancy and exposure to creditors’ claims.
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