Escrow & Title

What is 'concurrent closing' (back-to-back closing) in Nevada real estate?

ATwo closings on the same property on the same day but by different buyers

BA situation where a buyer purchases one property and simultaneously sells another, with both closings coordinated on the same day so the proceeds from one transaction fund the other — common when buyers need equity from their current home to close on the new one✓ Correct

CA Nevada law requiring concurrent recording of deed and deed of trust

DTwo unrelated closings that occur at the same title company office

Explanation

Concurrent closings (also called back-to-back closings or double closings) are common in Nevada when a buyer is selling their current home and purchasing a new one on the same day. The proceeds from the sale fund the down payment on the purchase.

People Also Study

Key Terms to Know

Deed

A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).

Deed of Trust

A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.

Title Insurance

Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.

Closing Costs

Fees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.