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Wednesday, March 13, 2013

Nevada's Homestead Protection

The Nevada’s Homestead Exemption Protection law provides homeowners with an excellent asset protection device.  Nevada defines a “homestead property” as: Land with a dwelling on it; a mobile home whether or not the underlying land is owned by the mobile home owner; and/or a unit (such as a condo).  This protection is only available for one’s primary residence, not investment properties or second homes.

The amount of protection from creditors is the equity associated with the property up to the limit of $550,000.  A homesteaded property is not subject to forced sale on execution or any final process from any court, except as otherwise provided by subsections 2, 3 and 5, and NRS 115.090 (and unless otherwise provided by Federal law.)  Furthermore, judgments cannot be executed against homesteaded properties, as defined by In re Contrevo, 23 Nev. Adv. Op. No. 3, March 8, 2007.

Remember, this protection is not automatic.  You must record a valid homestead claim/declaration.  If you have previously recorded a homestead declaration, but later refinanced the property or quitclaimed it to your living trust, please ensure that that you still have a valid declaration recorded.

If your residence qualifies for the exemption (as provided above), and you record the appropriate forms per NRS 115 , the equity in your residence up to $550,000 will be protected from creditors’ claims. Of course, a homestead declaration does NOT protect homeowners from any mortgage or deed of trust (including junior lien holders such as second mortgages or HELOCs).  Also, it does not protect against super-priority lien holders such as HOA fines.

The Clark County Assessor’s website is a wonderful resource for more information on Nevada’s homestead law, as well as information regarding completing the Homestead Declaration Form.

 

-Tiffany N. Ballenger, Esq.


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