Sparks

Non-Judicial

In a non-judicial foreclosure state, the lender does not need to go through the court system in order to foreclose on a property. This process can be quicker and less expensive for the lender compared to a judicial foreclosure.

Escrow similar to California’s is used for closings. Conveyance is by grant deed, bargain-and-sale deed, or quitclaim deed. Deeds of trust are the customary security instruments. Foreclosure involves recording a notice of default and mailing a copy within 10 days. Following the mailing there is a 35-day reinstatement period. After that, the beneficiary may accept partial payment or payment in full for a 3-month period. Then come advertising the property for sale for 3 consecutive weeks and finally the sale itself. All of this takes about 4 1/2 months. Nevadans use both ALTA and CLTA policies and endorsements. Buyers and sellers share escrow costs. Buyers pay the lender’s title insurance premiums; sellers pay the owner’s and the state’s transfer tax. Property taxes are payable in one, two, or four payments, the first one being due July 1st. Nevada is a community-property state.

Four payment options available.

Yes. Property management is expressly considered a real estate activity requiring a real estate broker's license under existing Nevada real estate licensing laws. If a property manager is going to lease, rent, list, collect rents, procure prospects or negotiate, assist, or offer to perform any of those acts, he or she will need either a salesperson's OR broker's license. In addition, he or she must obtain a property manager permit.

YES. For example, no broker's license is required if the property manager does not engage in leasing activities, or if they are strictly on-site managers. For more information about these and other Nevada property management requirements and exceptions, please contact the Nevada Real Estate Division. Before hiring a property manager to manage your Nevada rental property, you should always check that he or she is licensed appropriately. You can check the license status of Nevada property managers at the Division's online license lookup webpage.

Effective January 1, 2008 Nevada community association managers and condo association managers must be certified by the Commission for Common Interest Communities. For more information about the CAM License, please contact the Commission for Common Interest Communities, which is a division of the Nevada Real Estate Division.

Nevada real estate salesperson licensing requirements include: - Education: must show proof of completion of 90 hours or 6 semester units of instruction in real estate principles, practices and law an approved provider - Exam: Applicants must show proof of passing the national and Nevada state exam within one year of the application date

Nevada real estate broker licensing requirements include: - Education: Must show proof of completion of 64 semester units of instruction. Broker license applicants who hold a valid real estate salesman's license may receive credit for the equivalent of 16 semester units of college level courses for each two years of active experience as a licensed real estate salesman or broker. - Experience: Must have been actively engaged as a full-time licensed real estate broker or salesman for at least two (2) of the four (4) years immediately prior to the issuance of a Nevada Broker license. - Exam: Must show proof of passing the national and Nevada state exam within one year of the application date.