NV Underwriting Summary
Contents
- 1 Search/Exam
- 2 UPL
- 3 Vesting
- 4 Witness Requirements
- 5 Property Tax
- 6 Mortgage/Transfer Tax
- 7 Spousal Joinder Requirements/Homestead
- 8 Power Of Attorney
- 9 Construction Liens
- 10 Foreclosure Review
- 11 Instrument Requirements
- 12 Who May Serve As Trustee On Deed Of Trust
- 13 Time Limitations
- 14 Odd Stuff
Search/Exam
- Minimum Search Requirements -- Reasonable Search N.R.S.A. 662A.220(1)
- Plant or other search restrictions -- Plant required - 20 years of document copies and maps (CHECK THIS – STEWART DIFFERS)
- Additional Requirements for REO Searches --
- Foreclosure Checklist -- Condo/HOA foreclosure may eliminate 1st mortgage. See WFG National Bulletin 2014-09
- Special Searches Required (Code, HOA, Utilities)? --
- Survey Requirements -- Purchase – on high liability where ALTA extended coverage is requested
Refinance – No / depends on liability and lender requests
UPL
- UPL Hot Button Issues -- No
In Nevada, closings are accomplished thru an escrow officer, who obtains a title commitment from the authorized title company; attorneys are occasionally involved in drafting purchase agreements, and complicated documents memorializing the terms and conditions of the transaction.
Vesting
Witness Requirements
No Witness Requirements, but Notary.
Property Tax
Nevada Revised Statutes section 361; Real property taxes are assessed from July 1 to June 30th, collected in four installments per year. Installment payments are due on the third Monday in August, first Monday in October, first Monday of January, and first Monday of March. Late penalties accrue on any installment paid 10 or more days beyond the due date.
Mortgage/Transfer Tax
- No Mortgage Tax
- Transfer taxes vary from county to county. Nev. Dept of Taxation Guide 2014
Spousal Joinder Requirements/Homestead
Community Property. Spousal Joinder generally required unless sole and separate property.
- To the extent a property (of any type) is potentially community property, both spouses need to be parties to the mortgage/Deed of trust, or we want a recent relinquishment of any potential community property interest shortly before insuring the new mortgage. Even obvious “sole and separate” property (acquired upon death of parent or acquired pre-marriage) can morph into community property over a period of time. So better to play it safe and have all potential “owners” join in the security instrument.
- In Nevada there is a separate joinder requirement if the property is homestead, located at N.R.S. 115.040. The way it is phrased, if the property is the primary residence of either spouse, both signatures are required on a deed, mortgage or deed of trust, even if the non-title spouse no longer, or has never lived there.
115.040. Mortgage or alienation of homestead property; abandonment of homestead 1. A mortgage or alienation of any kind, made for the purpose of securing a loan or indebtedness upon the homestead property, is not valid for any purpose, unless the signature of both spouses, when that relationship exists, is obtained to the mortgage or alienation and their signatures are properly acknowledged. 2. ….
Power Of Attorney
Construction Liens
Foreclosure Review
Condo/HOA foreclosure may eliminate 1st mortgage. See WFG National Bulletin 2014-09
Instrument Requirements
Who May Serve As Trustee On Deed Of Trust
The Deed of Trust is the customary security instrument in Nevada; a Mortgage is permissible.
As of October 1, 2011, AB284 requires a trustee of a Nevada Deed of Trust to be a title insurer or Title Agent authorized to do business in Nevada, an attorney licensed to practice law in Nevada, or a person licensed pursuant to Nevada Revised Statutes dealing with Trust Companies.
Time Limitations
- US Judgment Liens -- 20 years, renewable for 20 years
- State Court Judgment Liens -- 6 years, with unlimited 6 year renewals 30-days prior to expiration
- Federal Tax Liens -- 10 years (+30 days); can be refiled
- State Tax Liens -- 6 years
- Estate Tax Lien -- Federal 10 years
- State Inheritance Tax Liens --
- Mechanics Liens -- lien must be filed w/i 90 days following completion of improvements- or 40 days after recordation of valid Ntc. Of Compl./Lien good for 6 month unless action commenced NRS 108.221-108.246
6 months, unless mutually extended
- Financing Statements -- 5 years, unless extended
- Mortgages -- 10 years after maturity date stated in the Note
- HOA Liens -- 3 years
- Condominium assessments -- 3 Years
Odd Stuff
- The title company that paid a deed of trust may issue a Release of Obligation, as provided under Nevada Revised Statutes 107.077.
