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?”
is the legal process of settling a decedent’s estate and transferring property
to devisees or heirs entitled to receive it. In Nevada, probate proceedings are
overseen by the district court of the county where the decedent resided at the
time of death (NRS 136.010). Laws governing wills and decedent’s estates are
codified at Title 12 of the Nevada Revised Statutes.
Continue reading “Probate Transfers of Real Property in Nevada”
For purposes of estate planning, a living
trust allows the trust maker to make decisions about their assets in the event
of death. The settlor establishes the terms and assets of the trust in a document
called the trust instrument. In addition to appointing the trustee of the
trust, the trust instrument also designates a beneficiary or provides for the
designation of a beneficiary by the trustee (NRS 163.006). Note that under 163.008,
real property must be transferred into trust by a written instrument (deed),
which was signed by the settlor or an authorized trustee, and recorded in the
county where the property is located.
Continue reading “Conveying Real Property from a Living Trust in Nevada”
The Nevada statutes identify three primary ways for
two or more people to hold title to real property: tenancy in common, community
property, and joint tenancy (NRS §§
Continue reading “Vesting options for Co-Ownership of Nevada Real Estate”