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Nevada Homestead Act; Reno Nevada Homes qualify

There is a misconception about Homesteading, in the old days, you used to be able to homestead a property and it was yours. These days, it is used as more or less for protecting your property to an amount set by Nevada Revised Statutes. This may help answer a few questions people have asked me recently which is timely considering many people don’t want to lose a portion of equity in their Nevada Home from debt collectors.

Here are some F.A.Qs. regarding Nevada Homestead Act: What is a homestead?

Nevada’s Constitution and laws provide that after a homestead is properly claimed all of your equity in your home, up to $200,000, is protected from most creditors.

What is the purpose of a homestead?Nevada recognizes, as a matter of public policy, that it is more important for you to keep your home than it is for your creditors to be paid.

What can be homesteaded?You can homestead your house, land, and appurtenances (things connected to land such as easements, gardens, and sheds). You can also homestead a mobile home whether or not you own the land underneath.

Who can clam a homestead?Anyone who lives in a home and has ownership interest in that home, A husband and wife or either of them, or a single person can claim a homestead. If the property is the separate property of either spouse, both must sign the homestead. A trustee can claim a homestead for a beneficiary living on the property. How do I get homestead rights?

Complete a “Declaration of Homestead” form and record it with the county recorder in the county where the home is located. The recorder charges a fee of $14. In Washoe County, the recorder’s address is: Washoe County Recorder, 1009 East 9th Street, Reno, Nevada 89512.

Where can I get a homestead form and more information?You can buy a form at an office supply store, or photocopy one at a law library, or you can CLICK ON THIS PDF LINK: ahomesteadlegalform.pdf

You can also Google Nevada Homestead.Will my revocable living trust affect my homestead?No, Nevada law specifically says that homestead protection is unchanged by taking property into or out of a revovable living trust.

Is the form self-explanatory?Most people don’t need help in completing the form. Be sure to include your street address and the legal description of your home from your deed or title. Your signature needs to be notarized. The recorder does not provide notary services.

When can I claim a homestead?As a matter of law, a homestead can be claimed at any time before your home is sold to pay debts.

Will a homestead protect my home from all creditors?A homestead protects against most common debts but doesn’t protect against taxes, child support obligations, debts for the purchase or improvement of the home, mortgages or deeds or trust secured by the home or partnership debt if the home is owned by a partnership.

Can I have more than one homestead at a time?No, even if you have more than one residence, you are entitled to only one homestead at a time. Can I refinance if I have a homestead?Yes, Most lenders will require that your homestead be removed until after evidence of their loan is recorded. As soon as they record, you can file a new homestead, be careful of the current loan environment, they may have changed their policies.

This information is a combination of Nevada Homestead Act documents and Chuck Weller, Attorney and Judge. Information deemed reliable but not guaranteed, this is not tax or title advise.

4 Responses to “Nevada Homestead Act; Reno Nevada Homes qualify”

  1. Please email me the Homestead form to:
    Mharaughty@yahoo.com.
    I appreciate your help and will be sure to use your site for future real estate needs.

    Thank You
    Maria

  2. if I homestead my home add someone than take that person off title do I need to re-homestead my home

  3. if iam buying a home and it was homestead years agoe can the bank forclose on me

  4. I wouldn’t count on since you are only protected to a certain amount. You may want to research it.

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