Nevada Real Estate FAQ - Las Vegas Realty Tips

There are a lot of differences state-to-state when it comes to real estate legislation and policies. If you've never been involved with a real estate transaction in Nevada, you might be interested in the following points.

Q. Does the Seller have to disclose details regarding the property's condition, known defects or other aspects that may affects its use or value?

A. Yes, the Seller is required to complete the "Seller's Real Property Disclosure" form detailing known defects, and the condition of the property.

Q. What is the difference between a warranty deed and a quitclaim deed?

A. A warranty deed assures the Buyer that the Seller will defend his title to the property from all other persons.  A quitclaim deed conveys whatever title the Seller owns but with no warranty against the claims of others.

Q. What is a disclosure statement?

A. A disclosure statement, as used in the real estate context, is a form that the Seller of property must complete and provide to the Buyer disclosing to the Buyer all known defects and various other information about the residential property.

Q. What is a closing?

A. Although this term may mean different things in different states, the "closing" is a meeting where all of the documents are signed and money changes hands.

Q. Who is the grantee and who is the grantor?

A. Grantee- The person to whom an interest in real property is conveyed.  Grantor- The person conveying an interest in real property.

Q. What is Truth-in-Lending?

A. A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the annual percentage rate (APR) and other charges.

Q. What does "tenancy in common" mean?

A. As opposed to joint tenancy, when there are two or more individuals on title to a piece of property, this type of ownership does not pass ownership to the others in the event of death.

Q. What is the Real Estate Settlement Procedures Act (RESPA)?

A. A consumer protection law that requires lenders to give borrowers advance notice of closing costs.