NV Underwriting Summary

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.

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.

Foreclosure Review

Condo/HOA foreclosure may eliminate 1st mortgage. See WFG National Bulletin 2014-09

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.