You can fall in love with a Signature at MGM Grand suite in a single elevator ride. The skyline views, hotel-style amenities, and flexible rental options are real draws. But buying here is not the same as a typical condo. If you want a smooth close, you need a condo-hotel game plan from offer to keys. In this guide, you’ll learn exactly how the process works, what to negotiate, how financing differs, and how to avoid common delays. Let’s dive in.
MGM Signature at a glance
The Signature is a three-tower, high-rise condo-hotel on East Harmon Avenue in 89109. Units are often sold fully furnished and operate much like hotel suites with front-desk services, housekeeping, valet, and access to resort amenities at MGM Grand. Many owners place their units in a rental program or use third-party managers for nightly rentals.
Why this matters to you: the condo-hotel model affects your contract terms, inspections, financing, appraisal, HOA review, and how possession works if there are guest reservations. Treat it like a hotel asset with condo ownership paperwork.
Step-by-step: from offer to closing
Write a strong offer
Your offer should cover price, earnest money, inspection and financing contingencies, closing date, and who pays closing costs. For Signature, add condo-hotel specifics: a detailed furniture inventory and bill of sale, how existing guest bookings are handled, an HOA document review period, and financing language that references project eligibility. Clear terms up front reduce renegotiations later.
Earnest money and opening escrow
Earnest deposits in Las Vegas commonly range from about 1 to 3 percent, negotiated with the seller. Escrow opens with the agreed title company, and a 30 to 45 day timeline is typical for financed purchases in Nevada, depending on lender and appraisal timing. See an overview of the typical Nevada closing timeline for context.
Inspection and access windows
Plan standard inspections and add condo-hotel checks: appliances, balcony and railings, windows and doors, signs of water intrusion, and built-in cabinetry. Because many units are active rentals, negotiate access windows in writing as part of the offer. It protects your schedule and ensures your inspector can see everything.
Order the HOA resale and estoppel package
Order the HOA resale and estoppel package as soon as you go under contract. In Nevada, this packet should include CC&Rs, bylaws, budget, reserves, insurance summaries, recent minutes, and any special assessments. Turn times can range from several business days to a few weeks if multiple associations are involved. Learn why timing the HOA estoppel and resale packet matters.
Financing, appraisal, and underwriting
If you are financing, use a lender who understands condo-hotels and non-warrantable condos. Appraisals can take longer and rely heavily on sales within the same project. Underwriting may require extra project documentation, so build in time and stay responsive. Review how condo financing differs from a house.
Title work, taxes, and recording
Title runs in parallel with lending. Clark County requires a Declaration of Value and collects the Real Property Transfer Tax at recording. The county explains how recording works and how RPTT is calculated. You can review Clark County Recorder guidance on RPTT and recording to understand this line item.
Closing day and handoffs
Once funds are in and documents are signed, escrow records the deed. For a condo-hotel, verify transfer of all owner accounts, access fobs or keycards, and owner closet access. Confirm that rental program enrollment or cancellation paperwork is complete and that any prepaid housekeeping or credits are properly accounted for.
Condo-hotel contract levers you can use
Furnishings and inventory
Most units are sold furnished. Protect yourself with three items: 1) a detailed inventory exhibit, 2) a separate bill of sale, and 3) a clear allocation between real property and personal property. Lenders typically exclude furniture value from the appraisal. If you pay a premium for furnishings, plan on covering that difference in cash. Add a pre-closing walk-through to confirm the inventory is present and in working order.
Rental program terms and bookings
Ask for the rental program agreement early and read the details: revenue split, housekeeping and linen fees, owner use rules, notice periods to opt in or out, and how taxes are handled. Confirm in writing how pre-booked stays are assigned or canceled, and how net revenue is credited at closing. You can review a third-party manager’s rental program for owners to understand common structures.
HOA governance, reserves, and assessments
Your HOA review should cover the budget, reserve study, last 12 months of minutes, master insurance declarations, and any pending or threatened litigation. The resale and estoppel packet is functionally binding on amounts due as of its date, so order it early and request an updated figure a few days before closing to prevent surprises. See a practical overview of the HOA estoppel and resale process.
Possession when guests are booked
If there are guest reservations near your closing date, your contract should spell out who controls the calendar, whether bookings transfer, and how net revenue and taxes are handled. Many managers offer standard language to manage these handoffs. Review manager resources like the Signature owner program page and request a written reservation plan before you remove contingencies.
Financing and appraisal realities
Many condo-hotels are treated as non-warrantable by conforming agencies, which can rule out standard loans. Common alternatives include portfolio and non-QM loans with higher down payments, DSCR investor programs that underwrite to cash flow, and niche condotel programs with specific unit standards. Get a project-aware preapproval before you write an offer. Explore condotel financing options and how condo financing differs from a house.
Appraisals can run longer and rely on recent resales in the same building. If value comes in low, you can renegotiate price, bring cash to bridge the gap, or request a reconsideration of value through your lender. Read more about condotel mortgage and appraisal considerations.
Taxes and closing costs in Clark County
- Real Property Transfer Tax. Clark County collects RPTT at recording, calculated at $2.55 per $500 of value, rounded up to the next $500. Title will compute the exact figure. Review the county’s RPTT and recording guidance.
- Transient lodging tax. Properties near the Strip fall into a higher transient lodging tax bracket. If you enroll in a rental program or self-manage, confirm who collects and remits these taxes. See an overview of Las Vegas short-term rental tax rules.
- Typical closing costs. Buyer costs often run about 2 to 5 percent of the purchase price when financing, depending on loan terms and points. HOA transfer and document fees are common. Confirm exact numbers with your title company and HOA.
Avoid common timeline snags
Here are the pinch points we see most often and how to stay ahead of them:
- HOA estoppel and resale packet. Turn times can range from 3 to 21 business days. Order immediately after you go under contract and plan for a rush if needed. See why the estoppel packet timeline matters.
- Appraisal and underwriting. Condo-hotel files often take longer than single-family homes. Engage a condotel-experienced lender before you remove contingencies and budget extra days for the appraisal. Learn how condo financing can add time.
- Appraisal gap talks. If value comes in below contract price, you may need to renegotiate or bring cash. Expect several extra days while parties review options. See condotel mortgage guidance for typical approaches.
- Guest reservations near closing. Conflicts between closing and guest stays can delay possession. Use express contract language to clear or assign bookings and have the manager provide a written plan.
Quick buyer checklist
Use this as your Signature-specific action plan:
- Pre-offer
- Get preapproved with a lender who finances condo-hotels and non-warrantable condos.
- Ask if the project requires portfolio, DSCR, or non-QM financing.
- With offer
- Include contingencies for inspections, financing tied to project eligibility, and HOA resale and estoppel review.
- Attach a furniture inventory and a separate bill of sale exhibit.
- State how existing bookings will be handled and how revenue is credited.
- After contract
- Order the HOA resale and estoppel package immediately.
- Schedule inspections and confirm access windows with the manager.
- Confirm appraisal timing and request an appraiser familiar with the complex.
- If rental income matters, request current owner revenue reports from the manager.
- Pre-closing
- Request a fresh estoppel a few days before closing to catch any balance changes.
- Confirm the transfer tax calculation with title and wire instructions.
- Verify keycards, owner closet access, and any housekeeping credits or fees in the final accounting.
Ready to move from short list to closing table with a plan tailored to condo-hotels? Schedule a consultation with Carlton Holland Realty for clear guidance, precise contract terms, and hands-on execution through recording and possession.
FAQs
What makes buying at MGM Signature different from a typical condo?
- Signature operates like a hotel with furnished suites, front-desk services, and active nightly rentals, which affects your contract terms, inspections, financing options, and how you handle guest bookings.
How long does a financed closing usually take in Las Vegas?
- A typical financed purchase runs about 30 to 45 days, with condo-hotels often needing extra time for appraisal and project review. See the Nevada closing overview for context.
Can you finance a condo-hotel unit at Signature?
- Yes, but many units require non-agency options like portfolio, non-QM, or DSCR loans. Work with a lender experienced in condo-hotels and non-warrantable condos. Start with condotel financing options.
Do furnishings count toward appraised value or loan amount?
- Lenders typically exclude furniture value from the appraisal and loan sizing. If you pay extra for furnishings, plan to cover that amount in cash and document it via a separate bill of sale.
How are existing guest reservations handled at closing?
- Your contract should state whether bookings are cleared or assigned, how net revenue is credited, and how taxes are handled. Ask the manager for a written plan. Manager pages like Signature owner programs show common approaches.
What taxes and fees should you expect at recording in Clark County?
- Clark County collects Real Property Transfer Tax at $2.55 per $500 of value, plus standard recording fees. Title will confirm exact amounts. Review the county’s RPTT guidance for details.
