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.
Southern Nevada Realty, LLC would LOVE to represent you in your real estate transaction.
Call today at 702-807-3339 or e-mail to set up a meeting to discuss your real estate needs!
To view the typical Las Vegas Buyer Closing Costs click here.
To view the typical Las Vegas Seller Closing Costs click here.
Las Vegas Buyer Closing Costs
- Earnest Money
Amount: Varies depending upon the list price of the home.
When Paid: At the time an offer is made.
Earnest money is used as a guarantee that you will complete the purchase of the home. Once a purchase agreement has been agreed upon, the earnest money is generally deposited into an escrow account with the title company. If you default, withdraw, or otherwise fail to complete the purchase you run the risk of losing your earnest money. - Downpayment
Amount: Varies depending upon the purchase price of the home AND your financing.
When Paid: at close of escrow.
Depending upon your mortgage, you may be able to avoid putting any money down. However, this does not relieve you of having to pay for other costs such as loan fees, closing costs, earnest money deposits, etc. There are some mortgages now available that will take care of some of these extra expenses. Talk to your lender to see what options are available to you. - Upgrades
Amount: Varies
When Paid: upfront and/or at close of escrow.
If you are purchasing a new home, any upgrades will have to be paid for in advance. Ask the builder how much of a payment they require - it could vary from 25% to all of the upgrade money. Some builders will give you a break if you use their lender. - Lender Title Insurance
Amount: Based upon the purchase price of your home.
When Paid: at close of escrow.
Will be required by your lender. This gives your lender's interest in the property priority over any other claims. - Escrow Fee
Amount: Based upon the purchase price of your home.
When Paid: at close of escrow.
Generally, the buyer pays for half of the escrow fee. - Recording Fee
Amount: Based upon the number of pages recorded in the Clark County Recorder's office.
When Paid: at close of escrow.
The current fee is $14.00 for the first page, $1.00 for each additional page. - Misc. Title Fees
Amount: Varies
When Paid: at close of escrow.
These are processing fees, long distance faxing or phoning fees, courier fees, etc. - Lender Fees
Amount: Varies
When Paid: Some fees are paid at the time you fill out your application, others at close of escrow.
These fees are any fees charged to you by your lender. These could be loan origination fees, credit check fees, discount points, etc. Request that your lender give you a good faith estimate. This estimate will give you a general idea as to the fees your lender is going to charge you. - Broker Processing Fees
Amount: Could range from $250 to $500.
When Paid: When you sign the buyer's agreement OR at close of escrow.
This fee covers the real estate broker's administrative costs. The fee should be listed in the buyer's agreement you signed with your real estate professional or in the purchase agreement. - Inspections and/or Certifications
Amount: Depends upon the types of inspections or certifications you intend to have performed upon the property.
When Paid: at the time the inspection is performed.
A basic home inspection will generally cost you $200 on up. However, if you want (or if your lender requires) any other inspections, such as a pest inspection or roof certification, it will cost you more. Also, you will not get your money refunded if the sale falls through. - Appraisal
Amount: $0 on up
When Paid: at time appraisal is performed or at close of escrow.
Generally, the buyer will pay for the appraisal, and then be credited for the amount paid at close of escrow. Talk to your lender about the possibility of having the appraisal fee paid out of escrow. This will save you an up front cost.
Also, look at whether the purchase agreement limits the amount a seller will pay for an appraisal. Make your lender aware of any limits. If your appraisal exceeds this amount, you will be responsible for paying the difference. - Home Warranty - Additional Coverage
Amount: $0 on up.
When Paid: at close of escrow.
Generally, the Seller pays for a basic home warranty. However, the Buyer has the option to purchase additional coverage. You need to read through the different home warranty plans to determine whether you want to purchase additional coverage. - HOA Transfer Fees
Amount: Varies
When Paid: at close of escrow.
This fee is a processing fee charged by the management company of a Home Owner's Association to set up your account. - Repair and/or Appraisal Items
Amount: $0 on up.
When Paid: generally after close of escrow, unless the lender requires otherwise.
These are items found by your inspector or appraiser that need to be repaired on the property. Generally, the purchase agreement will state a certain amount of money that the Seller will pay towards having these items repaired. If the agreed amount is not enough, you will have to pay for the difference. - Pro rated and Pre paid Items
Amount: Varies
When Paid: at close of escrow.
Items, such as taxes, that the Seller has paid ahead of time. HOA dues for a few months, interest, etc. - Miscellaneous Items
Amount: Varies
When Paid: varies.
Insurance, moving expenses, landscaping, window coverings, garage door opener, utility deposits. These are all expenses that you cannot overlook.
Southern Nevada Realty, LLC 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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