Filing a Homestead In Clark County
By · CommentsOnce a buyer purchases a home, they are inevitably sent numerous mailers stating the importance of Filing a Homestead to protect their home. For the average homeowner, all this is foreign and there is a lot of misinformation out there. Below is information from the Clark County Assessors website (http://www.accessclarkcounty.com/assessor)
WHAT IS PROTECTED? 
When you record a Declaration of Homestead, Nevada law protects the equity in your home up to $550,000 from general creditor claims (unpaid medical bills, bankruptcy, charge card debts, business/personal loans, accidents) but would not preclude a seizure or forced sale of your residence from general creditors if your equity exceeds the $550,000. A creditor may file suit and can record a judgment lien against any real property you own. Recording a Declaration of Homestead protects your principal residence up to the statutory maximum. For example, if the value of your home is $645,000 and you have a first mortgage of $485,000 plus a second mortgage of $10,000, the equity is $150,000.
WHAT IS NOT PROTECTED?
The Homestead Law does not protect you against debts secured by a mortgage or deed of trust, payment of taxes, IRS lien, mechanic’s lien, child support or alimony payments.
PROCEDURE FOR RECORDING DECLARATION OF HOMESTEAD
1. Complete the Homestead Declaration form. The form must be printed legibly in black ink. Text cannot extend beyond the one inch margins on all sides of the form. An additional $25.00 recording fee could be applied if the form does not meet these requirements at time of recording.
2. Sign in the presence of a Notary Public.
3. Take the completed document to:
Map to Clark County Recorders Office
Freddie Mac offers Owner Only Auction in Las Vegas
By · CommentsFreddie Mac will be offering over 75 homes for auction to owner-occupied bidders only on April 24th. Freddie Mac’s mission is to provide liquidity, stability and affordability to the housing market. This first time ever event will allow first time homeowners or people who do not currently own a home, to bid on foreclosed homes without having to compete with investors.
Buyers must have a government issued photo ID,loan pre-qualification documents and a $1000 cashier check(made out to yourself) at registration in order to bid at the auction. Buyer broker/agent participation is allowed and a 3% co-op commission will be paid to registered broker/agents who duly registered prior to the Auction Day.
A buyers premium of 3% of the winning bid will be added to establish the total purchase price. As an example, if the winning bid is $100,000 the buyers premium is $3000 thus the total purchase price is $103,000.
There will be two parts to the auction, the morning auction will be for the NSP qualified buyer only. The afternoon is open to all other qualified and registered bidders. All properties have been inspected and repaired to qualify for FHA and VA financing. Winning bidders will be offered a 2 year home warranty and up to 3.5% towards buyers closing costs.
To view properties available, register and get more information visit their website www.Auction.com. Open houses will be held prior to the 24th to view properties. Check the website for more information.
The National Association of REALTORS just release a site called House Logic for consumers.
HouseLogic is a free source of information and tools—from the NATIONAL ASSOCIATION OF REALTORS®—that can help you make smart and timely decisions about your home.
Here you will find great information on home improvement, finances, taxes and even ways to get involved in and enrich your community.
Eco Friendly Kitchen
By · CommentsOur world has become more green as the awareness of our climate change has come to the forefront. Below is a great video on an eco-friendly kitchen. Perhaps it will give you ideas for your home.
Homebuyer Tax Credit Expanded
By · CommentsThe homebuyers tax credit has been extended and expanded. Watch this IRS video below to get more information
Ways to take Title in Nevada
By · CommentsWhen a buyer purchases real property, they will need to decide how they will hold title. Below are the ways you can take title in Nevada. This list is being provided for informational use only and you are advised to seek competent tax and legal advice.
Community Property:
Requires a valid marriage between two people
Each spouse holds an undivided one-half interest in the estate
One spouse cannot partition the property by selling his or her interest
Requires signatures of both spouses to convey or encumber
Each spouse can devise (will) one-half of the community property
Upon death the estate of the decedent must be “cleared” through probate, affidavit or adjudication
Both halves of the community property are entitled to a “stepped up” tax basis as of the date of death
Joint Tenancy With Right Of Survivorship:
Parties need not be married; may be more than two joint tenants
Each joint tenants holds an equal and undivided interest in the estate, unity of interest
One joint tenant can partition the property by selling his or her interest
Requires signatures of all joint tenants to convey or encumber the whole
Estate passes to surviving joint tenants outside of probate
No court action required to “clear” title upon death of joint tenant(s)
Deceased tenant’s share is entitled to a “stepped up” tax basis as of the date of death
Community Property with Right Of Survivorship:
Requires a valid marriage between two persons
Each spouse holds an undivided one-half interest in the estate
One spouse cannot partition the property by selling his or her interest
Requires signatures of both spouses to convey or encumber
Estate passes to surviving spouse outside of probate
No court action required to “clear” title upon the first death
Both halves of the community property are entitled to a “stepped up” tax basis as of the dateof death
Tenants in Common
An undivided ownership in real estate by two or more persons.
The interests need not be equal, and in the event of the death of one of the owners, no right of survivorship in the owners exists, but instead the interest passes to the heirs of the deceased.
It exists when two or more persons acquire title, not as community property or as joint tenants. Each owner has a separate and distinct interest, which must be shown on the deed of acquisition. Each owner may deal with their interest without the consent of the other co-tenants.
