You can try to sell your Nevada home on your own, but do you know all the state and local regulations? Failing to follow them could result in costly legal ramifications. Before selling your home in the Silver State, there are a number of things you should know.
Your Real Estate Agent Can Help
A real estate agent has the tools to assess the current value of comparable homes in your area and to more effectively market your house.
Finding a Nevada Real Estate Agent
Locate agents at RealEstateAgent.com.
Your Real Estate Listing
There are three kinds of listings.
- Open listing: Owners retain the right to sell the home and pay no commissions.
- Exclusive agency listing: The owner executes a listing agreement with a broker and pays a commission only if the broker is the cause of the sale.
- Exclusive right to sell listing: The seller pays a commission to the listing broker regardless of who brings in the buyer.
Who Sets the Price?
Typically, your agent determines the sales price of your property by comparing prices of similar homes that have sold in your immediate area.
What Goes in the Listing?
- Price and commissions
- Items included or not included in the sale
- The duties and obligations of both the seller and agent
What Are Seller’s Disclosures?
Nevada law requires that sellers disclose certain information to buyers, such as:
- Water and sewage services
- Zoning classifications
- Open range or gaming district issues
- Heating and cooling systems
Failure to make required disclosures can expose you to a lawsuit. Nevada home sellers can use the Seller’s Real Property Disclosure Form for the required information.
Once You Get an Offer
An offer proposes a certain sales price based on terms and conditions. It becomes a binding contract when the seller accepts the offer and notifies the buyer of its acceptance.
A counteroffer rejects the original offer and presents a new offer.
After an offer is agreed on, the transaction goes into escrow and the buyer deposits funds into an escrow account.
What Is in the Purchase Agreement?
A real estate purchase agreement is a legally binding contract for the sale of real estate. It includes terms and conditions such as:
- The identities of the parties
- Price and financing terms
- Guarantee of clear title
Post-Contract Discoveries and Negotiations
If a home inspection turns up material defects, the buyer can insist that you pay to remedy them or lower the purchase price accordingly.
The Close of Escrow
At the close of escrow, several events occur.
- The buyer signs a promissory note.
- Fees and costs are paid.
- All legal documents are signed and transferred.
You don't have to be present at the closing as long as all costs are paid and all documents are signed ahead of time. You typically have to turn the keys over to the buyer the same day if the deed is recorded that day.
Advice From a Residential Real Estate Lawyer
Nevada real estate laws are complex, and your sale is unique; therefore, you should consult with a real estate attorney before you sell your home.