Homeowners who survived the Great Recession of 2008 learned first-hand what happens when our economy tanks: millions of jobs vanish, retirement savings are depleted and real estate values plummet.  During this time, hardworking Americans not only found themselves suddenly unemployed, but unable to make the mortgage payments on their own homes. Nevada was no exception.

In response, our Nevada Supreme Court created the Foreclosure Mediation Program (FMP) in 2009.  The program was designed to help those in default on their home mortgage payments due to loss of employment or other serious financial hardship.  The primary goal of the program was to bring homeowners and lenders together to work out a mutually agreeable solution to avoid a foreclosure.  Some options included loan modifications, refinancing, short sales, “cash for keys” and temporary forebearance of mortgage payments.  If the parties were unable to agree, the lender sold the home without ever stepping foot in a courtroom.  Here’s how it works:

A homeowner that has fallen behind on the mortgage payments can apply for assistance once a Notice of Default is recorded.  The homeowner must act quickly by filing a Petition for Foreclosure Mediation Assistance in the District Court in the county where the property is located within 30 days after service of the Notice of Default or within 21 days after service of the Complaint for Judicial Foreclosure. The Petition begins the mediation period and temporarily stays the normal foreclosure process set forth under Nevada law.

Over the years, the FMP rules have been modified and statutes governing foreclosure have been amended through legislation. Although the recession crisis has passed, the program is still going strong and currently managed by Home Means Nevada, a nonprofit entity established by the Nevada Department of Business and Industry.  You can access their website at:  http://homemnv.org.  Another great online resource is the Civil Law Self-Help Center’s website at: Foreclosure Mediation – Civil Law Self-Help Center (civillawselfhelpcenter.org)

Interested in learning more?  Give me a call at 775-392-4223 or email me at feedback@dterralaw.com.

 

Nevada’s Deed on Death statute provides for the transfer of your real property after you pass away using a special type of deed that is recorded in the county recorder’s office.  Many people utilize this statute when they have a small estate and choose not to create a living trust along with their will. Recent amendments to the statute in 2021 have improved and streamlined the process.  This is how it works:

The owner of real estate, as Grantor, prepares a Deed on Death and records it in the county recorder’s office where the property is located. The Deed provides that upon the death of the Grantor, the property passes to the beneficiary named in the Deed.  There may be more than one beneficiary.  The Grantor maintains full ownership and control during his or her lifetime and can revoke the Deed on Death at any time. Revocation must be in writing and recorded in the county recorder’s office.  A Deed on Death does not encumber the Grantor’s property nor convey ownership to the beneficiary during Grantor’s lifetime.

When the Grantor passes away, an Affidavit of Death of Grantor is prepared and recorded, along with Grantor’s Death Certificate.  Under the new law, no transfer tax is collected. The new law also requires a 90-day Notice to Creditors to be published in the local newspaper, and a copy of the Notice must be mailed to known creditors and the Department of Health and Human Services.  If no creditors come forward during the 90-day period, their claims are forever barred, and the beneficiary is free to sell the property if they so desire. The Personal Representative is not required to file a petition for probate of the property and no court supervision is required.

If you are considering using a Deed on Death as opposed to creating a living trust in order to avoid probate, you should seek legal advice first.  Using the new process is fairly simple and inexpensive, but a good lawyer can help you understand the differences between a Deed on Death and a living trust, the pros and cons of each, and then help you decide what works best for you based on your particular situation.

Interested in learning more?  Give me a call at 775-392-4223 or email me at feedback@dterralaw.com.

 

Recently, I took on a case that involved transferring a six-acre parcel of vacant land to a trust after the Grantor (sometimes called the Trustmaker) had passed away in a different state.  For reasons unknown, the Grantor had neglected to transfer the Nevada property to his trust during his lifetime.  A court order was needed to get this accomplished in an expedited manner and to avoid a costly probate.

Aside from the legal analysis, I needed to determine the value of the vacant land.  I assumed this would involve logging onto a computer, looking at the parcel maps to find similar lots for sale, comparing recent sales and coming up with a number – all from the comfort of the home office.  I asked my broker if she could perform this service for me. Easy, I thought.

Three days later, I received an email detailing her work on the project.  To my surprise, she had walked the entire six acres, looking for markers, fences, access points to the roadway, water, and evidence of any recent survey work done, all the while taking detailed notes.  As she made her way through thick sagebrush and Russian thistle in her cowboy boots, she managed to take some great photographs to show me the ideal orientation of a future home. My clients were delighted.

I truly did not realize the time and effort that is required to determine an accurate value of a parcel of vacant land.  My friend’s work was outstanding; walking the land made all the difference. 

Interested in learning more?  Give me a call at 775-392-4223 or email me at feedback@dterralaw.com.

“Get off my land.”  Four of the most powerful words in the English language.

As Americans, it’s hard to imagine not being able to shop around, buy some land and build a dream home for ourselves and our loved ones. As owners, we go to great lengths to preserve and protect our property. Some folks build fences, or post “no trespassing” signs to let others know where the boundary lines are and to stay away – or else.

My friends and I enjoy hiking the trails in the Lake Tahoe Basin.  Occasionally we come across fences and no trespassing signs warning us to keep out. For the most part, we assume the fences and signs are legitimate and that the land is indeed private. However, this is not always the case and the only way to know for sure is to check the maps in the recorder’s office.

While it may be good practice, a Nevada landowner is not required to build fences or post signs to keep others off their property.  A verbal warning is enough to put the unwitting trespasser on notice to leave the property and not return.  Once on notice, should the trespasser return, the true owner can then pursue legal action against the trespasser in a court of law.

In either case, it’s probably best to give the purported landowner the benefit of the doubt.

Interested in learning more?  Give me a call at 775-392-4223 or email me at feedback@dterralaw.com.

 

A timeshare, in general terms, is a fractional ownership of property that is shared with other persons.

In Nevada, a timeshare is treated as real property and is transferred by a deed that is recorded in the county where the timeshare is located.

Back in the 80s and 90s, timeshares became very popular as an alternative to staying in a hotel on vacation.  Timeshares continue to be marketed through high-pressure sales methods and an offer for a “free” weekend stay at a popular tourist destination, or at one of the timeshare resorts.  To seal the deal, seller and buyer enter into a written contract for the purchase of a certain number of weeks during the year at one particular resort, or several resorts in different locations.  Pricing is based on the location, type of resort and the number of weeks purchased. New owners agree to pay maintenance fees that increase each year, and which can be very costly.

Like other interests in real property in Nevada, a timeshare can be sold by the owner during their lifetime or pass to the owner’s beneficiaries through a will or a trust. There are some downsides, however.  A beneficiary who accepts ownership of a timeshare must continue to pay the maintenance fees regardless of whether or not they use the allotted weeks. More importantly, when compared with other interests in real property, a timeshare seldom appreciates in value and are often difficult to sell. 

In Nevada, if a person passes away owning a timeshare, a probate is required because the timeshare is considered real property.  For example, an estate owning a timeshare valued at $2,000 must go through probate, the cost for which may exceed the value of the timeshare several times over.  If you are considering buying a timeshare, read the contract, take your time and give it some serious thought before you sign on the dotted line.

Interested in learning more?  Give me a call at 775-392-4223 or email me at feedback@dterralaw.com.