Page 19 - Homeowners Manual - Nevada
P. 19

5� Preparing for Closing

          •  Approximately 10 – 14 days before you are scheduled to sign your documents, you should be prepared to
            communicate with your lender, real estate agent and escrow officer� It will be important for you to provide
            your hazard insurance information�
          •  NOTE: Wiring instructions will be subject to strict verifications to prevent fraud� Discuss this with your
            closing professionals well in advance�


        6� Closing Disclosure (CD)
          •  A closing statement called the Closing Disclosure (CD) will be used for most loan applications processed
            after October 3, 2015� The CD will be sent directly to you (buyer/consumer) and not your real estate agent�
          •  The CD is designed to make it easy for you to understand the terms of your loan�


        7� Three-Day Review Period
          •  The Closing Disclosure (CD) must be delivered to the buyer/consumer at least three business days prior to
            signing the documents�
          •  If the CD is delivered via email, it is important to acknowledge receipt to avoid additional delays�
          •  The CD may also be mailed seven days in advance and does not require proof of receipt�

          •  This time allows you to share it with your agent, attorney and/or financial advisor, and ask questions or get
            clarification from your lender about the terms and conditions of your loan�


        8� Lender’s Title Insurance Policy
          •  Lenders typically require their borrowers to purchase a Lender’s Title Insurance Policy for the purchase loan(s)�
          •  The fees are usually based on the amount of the loan(s)�
          •  A lender’s policy protects only the lender’s interests should a problem with the title arise�



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