Nevada Good Funds Law Effective October 1, 2009
Effective October 1, 2009, the State of Nevada has enacted a “Good Funds” law. The law states that for escrow to close the buyer’s closing funds must clear the bank. The buyer brings in a cashier’s check for down payment and closing costs. The check must be deposited with the title/escrow company’s bank prior to record/close. If this cashier’s check is drawn from a local bank, this clearance can take up to two business days and therefore could delay closing and recording. If the buyer brings in an out-of-state cashier’s check, the title/escrow company could have to wait up to 10 business days to verify the check has cleared.
Source: Equity Title of Nevada