Difference between revisions of "NV Underwriting Summary"

Latest revision as of 17:29, 10 March 2022

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.

@@ Line 27: / Line 27: @@
 ==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.
+.040. Mortgage or alienation of homestead property; abandonment of homestead
+. 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.
+.    ….
 ==Power Of Attorney==