In May 2019, effective October 1, 2019, Nevada passed Senate Bill 382 amending the law pertaining to deeds of trust, foreclosure sales, and homeowners’ associations.
things, this is a change to Nevada Revised Statute § 40.050, whose
language states that a mortgage of real property is not deemed a
conveyance. If a mortgage does not constitute a conveyance, the mortgage
lender may take possession on the home upon the inhabitant’s default, bypassing
a judicial foreclosure sale.
a deed of trust
between the home buyer and the lender. A deed of trust places the legal ownership of a home
with a designated trustee until the buyer—who holds equitable ownership—pays
off the loan.
some buyers do experience financial challenges and find themselves unable to
pay their mortgages.
briefly explore the ramifications, as seen through a case that shook
mortgage lenders’ expectations in homes they held legally through deeds of
Continue reading “Nevada Clarifies Mortgage Law, But What About Deed of Trust Lender Entry Provisions?”
home into a gift involves a gift deed. The gift deed legally
transfers the title of the property from you, the grantor or donor,
to another person or entity. This type of conveyance may be used to
convey property as a gift from one family member to another, or to
donate property to a nonprofit.
promise to convey the property at some point in the future does not constitute
a legally sound gift. A properly drafted deed makes a gift
outright—a conveyance for no consideration. In other words, the giver
makes the gift unequivocally, with no compensation expected, and no strings
Continue reading “The Gift of Real Estate: What You Need to Know”
insurance emerged more than a century ago. It had a purpose: to stop
swindlers from cheating buyers, by ascertaining that land was, in fact, owned
by the person selling it.
it has grown into a multi-billion-dollar business.
today’s title insurance industry ostensibly protects homeowners from
defects in their deeds, some believe it has been rendered practically
obsolete in the digital age. Today, a record search can be done
for less than a tenth of the prevailing rate of title insurance—which can
exceed $2000, depending on the home’s price and the state in which the
property sale occurs.
Continue reading “Real Estate Title Insurance: A Brief Explanation”
acknowledgement is vital to the integrity of the residential property
The real estate deed is a formal
instrument. It must verify the grantor’s interest in, and right to
convey, the property. It must protect the interest transferred to the
grantee. Notarization gives the deed a strong presumption of
validity relative to other types of property documents. The careful
stewardship applied to a home deed helps keep a clear chronicle of
ownership and preserve the chain of title. Without such care, a bona fide
purchaser might one day be forced to confront claims by others who
believe they hold interests in the same real estate.
outline a notary’s job, and how it becomes an integral element of a
real estate transaction.
Continue reading “Why Do Real Estate Deeds Require a Notary?”
Real estate can be a fantastic investment. It is often considered one of the most stable money moves that you can make if you are looking for a way to see real return on a business venture, sometimes with little personal involvement.
when you hold several properties, you need to take steps to protect that
investment. One of the ways that you should do that is by developing an estate
plan that works for your unique situation. It is not only a good idea for you
personally, but it will also be very helpful for your heirs.
Continue reading “Estate Planning for Your Real Estate Holdings”
With a deed of trust, a buyer
pledges an interest in real estate to secure a loan. In some states this takes
the place of a mortgage document. (For a list of states commonly using deeds of
trust see the section on Mortgage States and Deed of Trust
States in our previous post, “You’ve
Paid Off the Mortgage. What Happens Now?”)
a mortgage agreement is formed between the borrower and the lender, a deed
of trust, also known as a trust deed, has one key difference. The trust deed
designates a trustee—a
third party who retains legal ownership of the home until the buyer
completes the payoff.
Continue reading “What Is a Deed of Trust?”
limited liability companies, or LLCs, can hold real estate for tax
advantages or avoidance of the probate process. Some homeowners work in
high-risk careers or own their businesses, and wish to keep the home from
becoming vulnerable to lawsuits.
briefly summarize key options.
Continue reading “Holding Real Estate in a Trust-Or an LLC”
recording acts enable people to determine whose interest prevails
if interests in the same property have been conveyed to several
parties. For instance, what if a piece of real estate has several
encumbrances: mortgage debt, a mechanic’s lien, and others? We need to
know the order of priority.
made based on these stakes, so it’s essential to know how to preserve claims in
a piece of property. The best practice is to record any
new interest promptly. This way, should there be any conflicting
claim at a later date, the dispute can be settled.
Continue reading “Recording Real Estate Documents: Time is Priority”
An abstract of title is a
written chronology of all recorded documents and proceedings related to a
specific piece of real estate. It shows the names of all the owners, how
long each held title, and what each paid for the property.
is used for verifying a property’s marketability. The abstract offers
assurance that the property is just as the seller represents it, both in the
accuracy of its physical description and the integrity of its title.
title abstract goes back in history to the earliest available records—sometimes
as far back as the original land grant or patent deed from the U.S.
The abstractor of title is the
person who researches this history, summarizes the relevant documents, and
certifies the binder as true and complete.
Continue reading “The Abstract of Title in Real Estate: What Is It?”
is closing on a condo. Corey has just one more question for the title
why, in the definitions in the mortgage agreement for the recorder’s office,
I’m called “Corey McCann, a single woman.” Only my name is relevant.
I could understand declaring the single
status—if there is a firm reason that the record must show, for example, that
there is no co-habitant or person who might try to claim an interest in a
divorce. But I don’t voluntarily identify myself in public documents or online
by gender. I’d rather not do so now.
company agent answers:
Continue reading “Preferred Pronouns in Real Estate Deeds”