Nevada Real Estate Practices
- Attorney Involvement
- Cancellation/Commitment Fee
- Certificate of Release (of Mortgage)
- Joinder of Spouses
- Mortgage Tax
- Payment Customs
- Policy Countersignatures
- Real Estate Taxes
- Search and Examination Fees
- Search Requirements
- Security Instruments (Deed of Trust vs. Mortgage)
- Standard Exceptions and Requirements
- State-specific Policy Variations
- Title Insurance Form and Filing Regulations
- Transfer Taxes
- Withholding Taxes
- Witness Requirements
Please describe any requirements under applicable state law for attorney, abstractor or other special professional involvement, for example, in the search, examination, opinion of title, signing, closing, disbursement, recording, preparation of documents, and/or policy-issuance.
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.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
Cancellation fees are permitted, but not mandatory.
Certificate of Release (of Mortgage)
If anyone other than the lender (such as a title agent, settlement agent, underwriter or attorney) has the authority to release the security instrument, please describe.
A title insurer may issue a Release of the Deed of Trust, as provided under Nevada Revised Statutes 107.077.
Please describe the kinds of deeds that are customary for commercial and residential transactions. Please describe the kinds of deeds that are generally not insurable.
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.
Joinder of Spouses
If a non-title holding spouse is required to join in the execution of a deed or a security instrument, please describe. Any analogous rights, such as those in a civil union or equivalent, should also be addressed.
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.
Is there a mortgage tax in your state? If yes, is it uniform across the state or does it vary? If it is uniform, please describe.
Who customarily pays for:
(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.
Please describe any statutory or regulatory requirements for countersignatures in order to issue the policy (for example, residency requirements).
Policies are counter-signed by the authorized personnel of the issuing office.
Real Estate Taxes
Please describe the general tax year, due dates, and delinquency dates, including lien dates and payment cycle.
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.
Search and Examination Fees
Is it permissible and/or customary to charge a separate search and/or examination fee, and under what circumstances? If your jurisdiction is all-inclusive, please state that.
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.
Is there a minimum period of time for a title search required: (a) by state law, (b) pursuant to marketable record title acts, or (c) by any other applicable title examination standards (e.g., state bar association)? Please respond to each category. If a minimum search period exists for any category, please state it.
(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.
Security Instruments (Deed of Trust vs. Mortgage)
Please describe the customary and permissible form(s) of security instruments used in your state.
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.
Standard Exceptions and Requirements
Please identify the standard exceptions and requirements that are customarily used in your state.
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.
State-specific Policy Variations
If there are state-specific changes to the provisions in the ALTA policies (e.g., Arbitration, Minerals), please describe.
No state specific alterations.
Title Insurance Form and Filing Regulations
Please describe the form and/or rate filing requirements, if any, related to policies and endorsements. Please describe any applicable rating bureau.
Transfer taxes vary from county to county from $3.90 to $5.10.
Is there a transfer tax in your state? If yes, is it uniform across the state or does it vary? If it is uniform, please describe.
Transfer taxes vary from county to county from $3.90 to $5.10.
Is usury coverage available?
Usury coverage is available in Nevada and should be based on conflicts of law analysis.
What are your state’s requirements, if any, with regard to withholding proceeds from a sale, similar to but not including FIRPTA?
No additional withholding taxes, other than FIRPTA in Nevada.
Are witnesses required on a deed or security instrument? If so, please describe.
Documents presented for recordation must be notarized; witness to the execution of documents other than Notary not required.