Nevada Real Estate Practices

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.

Cancellation fees are permitted, but not mandatory.

A title insurer may issue a Release of the Deed of Trust, as provided under Nevada Revised Statutes 107.077.

Grant Bargain and Sale Deed is the customary form in Nevada; Warranty deeds are also acceptable upon review by underwriter; quitclaim deeds may be accepted, upon review.

Yes, NRS 645A.171 (9-4-19)

Nevada community property laws establish interest of married spouse in any real property. Spouse must participate in any deed or encumbrance documents. Nevada does not recognize community property rights acquired by reason of civil union.

None.

(a) Owner’s Policy?
(b) Transfer Tax & Recording Fee?
(c) Survey Charges?
(d) Closing/Settlement Fees?

(a) Seller typically pays for owners policy, unless contract provided otherwise.
(b) Transfer tax usually split, depending on purchase contract terms; recording fees allocated to seller for deed, purchaser for new encumbrance documents.
(c) Nevada does not require surveys; if the purchaser requires a survey, then the contract will reflect the terms for payment.
(d) Settlement fees typically split 50/50, unless contract terms provide otherwise.

Policies are counter-signed by the authorized personnel of the issuing office.

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.

(a) State law requires an adequate search be conducted. No time frame in the statutes.
(b) State law requires and adequate search be conducted in order to insure marketable title. No time frames in statutes.
(c) State law directs the issuing agent to meet the standards as required by the underwriter for issuance of a policy of title insurance.

If the initial review of the records discloses that the property has never been insured, then a separate fee may be negotiated. Typically, the search and examination fees are included in the title policy premium, unless prior negotiation for extensive research negotiated prior to issuance of policy.

Who can be listed as the trustee on the Deed of Trust (e.g., residency and/or natural person requirements, etc.)? Can an underwriter or title agent be designated as the trustee, and, if so, is it customary?

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.

The standard ALTA 2006 policy forms are issued in Nevada.

In addition to the standard exceptions shown below, an exception for water rights is also included in the standard exceptions from coverage, as well as an exception for lands comprising the shores or bottoms of navigable rivers and lakes.

Rights or claims of parties in possession not recorded in the Public Records.

Easements or claims of easements not recorded in the Public Records.

Encroachments, overlaps, boundary line disputes, or other matters which would be disclosed by an accurate survey or inspection of the Land.

Any lien, or right to a lien, for services, labor, material or equipment, heretofore or hereafter furnished, imposed by law and not recorded in the Public Records.

Taxes or assessments which are not recorded as existing liens in the Public Records.

No state specific alterations.

Transfer taxes vary from county to county from $3.90 to $5.10.

Transfer taxes vary from county to county from $3.90 to $5.10.

Usury coverage is available in Nevada and should be based on conflicts of law analysis.

No additional withholding taxes, other than FIRPTA in Nevada.

Documents presented for recordation must be notarized; witness to the execution of documents other than Notary not required.