USA Statutes : nevada
Title : Title 10 - PROPERTY RIGHTS AND TRANSACTIONS
Chapter : CHAPTER 115 - HOMESTEADS
As used in this chapter, unless the
context otherwise requires:
1. “Equity” means the amount that is determined by subtracting
from the fair market value of the property the value of any liens
excepted from the homestead exemption pursuant to subsection 3 of NRS
115.010 or NRS 115.090 .
2. “Homestead” means the property consisting of:
(a) A quantity of land, together with the dwelling house thereon
and its appurtenances;
(b) A mobile home whether or not the underlying land is owned by
the claimant; or
(c) A unit, whether real or personal property, existing pursuant to
chapter 116 or 117 of NRS, with any appurtenant limited common elements
and its interest in the common elements of the common-interest community,
Ê to be selected by the husband and wife, or either of them, or a single
person claiming the homestead.
(Added to NRS by 1989, 646; A 1991, 579; 2003, 879 )
1. The homestead is not subject to forced sale on execution or any
final process from any court, except as otherwise provided by subsections
2, 3 and 5, and NRS 115.090 and except
as otherwise required by federal law.
2. The exemption provided in subsection 1 extends only to that
amount of equity in the property held by the claimant which does not
exceed $350,000 in value, unless allodial title has been established and
not relinquished, in which case the exemption provided in subsection 1
extends to all equity in the dwelling, its appurtenances and the land on
which it is located.
3. Except as otherwise provided in subsection 4, the exemption
provided in subsection 1 does not extend to process to enforce the
payment of obligations contracted for the purchase of the property, or
for improvements made thereon, including any mechanic’s lien lawfully
obtained, or for legal taxes, or for:
(a) Any mortgage or deed of trust thereon executed and given,
including, without limitation, any second or subsequent mortgage,
mortgage obtained through refinancing, line of credit taken against the
property and a home equity loan; or
(b) Any lien to which prior consent has been given through the
acceptance of property subject to any recorded declaration of
restrictions, deed restriction, restrictive covenant or equitable
servitude, specifically including any lien in favor of an association
pursuant to NRS 116.3116 or 117.070
,
Ê by both husband and wife, when that relation exists.
4. If allodial title has been established and not relinquished,
the exemption provided in subsection 1 extends to process to enforce the
payment of obligations contracted for the purchase of the property, and
for improvements made thereon, including any mechanic’s lien lawfully
obtained, and for legal taxes levied by a state or local government, and
for:
(a) Any mortgage or deed of trust thereon; and
(b) Any lien even if prior consent has been given through the
acceptance of property subject to any recorded declaration of
restrictions, deed restriction, restrictive covenant or equitable
servitude, specifically including any lien in favor of an association
pursuant to NRS 116.3116 or 117.070
,
Ê unless a waiver for the specific obligation to which the judgment
relates has been executed by all allodial titleholders of the property.
5. Establishment of allodial title does not exempt the property
from forfeiture pursuant to NRS 179.1156 to 179.119 ,
inclusive, or 207.350 to 207.520 , inclusive.
6. Any declaration of homestead which has been filed before July
1, 2005, shall be deemed to have been amended on that date by extending
the homestead exemption commensurate with any increase in the amount of
equity held by the claimant in the property selected and claimed for the
exemption up to the amount permitted by law on that date, but the
increase does not impair the right of any creditor to execute upon the
property when that right existed before July 1, 2005.
[Part 1:72:1865; A 1879, 140; 1949, 51; 1943 NCL § 3315]—(NRS A
1965, 28; 1971, 575; 1975, 215, 981; 1977, 933, 1492; 1979, 984; 1981,
625; 1983, 104, 662; 1985, 13; 1989, 3, 646; 1991, 579; 1995, 225; 1997,
3419; 2003, 879 , 1008 ; 2005, 1010 , 2226 )
1. The selection must be made by either the husband or wife, or
both of them, or the single person, declaring an intention in writing to
claim the property as a homestead.
2. The declaration must state:
(a) When made by a married person or persons, that they or either
of them are married, or if not married, that he or she is a householder.
(b) When made by a married person or persons, that they or either
of them, as the case may be, are, at the time of making the declaration,
residing with their family, or with the person or persons under their
care and maintenance, on the premises, particularly describing the
premises.
(c) When made by any claimant under this section, that it is their
or his intention to use and claim the property as a homestead.
3. The declaration must be signed by the person or persons making
it, and acknowledged and recorded as conveyances affecting real property
are required to be acknowledged and recorded. If the property declared
upon as a homestead is the separate property of either spouse, both must
join in the execution and acknowledgment of the declaration.
4. If a person solicits another person to allow the soliciting
person to file a declaration of homestead on behalf of the other person
and charges or accepts a fee or other valuable consideration for
recording the declaration of homestead for the other person, the
soliciting person shall, before the declaration is recorded or before the
fee or other valuable consideration is charged to or accepted from the
other person, provide that person with a notice written in bold type
which states that:
(a) Except for the fee which may be charged by the county recorder
for recording a declaration of homestead, a declaration of homestead may
be recorded in the county in which the property is located without the
payment of a fee; and
(b) The person may record the declaration of homestead on his own
behalf.
Ê The notice must clearly indicate the amount of the fee which may be
charged by the county recorder for recording a declaration of homestead.
5. The rights acquired by declaring a homestead are not
extinguished by the conveyance of the underlying property in trust for
the benefit of the person or persons who declared it. A trustee may by
similar declaration claim property, held by him, as a homestead for the
settlor or for one or more beneficiaries of the trust, or both, if the
person or persons for whom the claim is made reside on or in the property.
6. A person who violates the provisions of subsection 4 is guilty
of a misdemeanor.
[Part 1:72:1865; A 1879, 140; 1949, 51; 1943 NCL § 3315]—(NRS A
1971, 575; 1983, 662; 1985, 13; 1995, 226)
Tenants
in common may declare for homestead rights upon their respective estates
in lands, and the improvements thereon; and hold and enjoy homestead
rights and privileges therein, subject to the rights of their cotenants,
to enforce partition of such common property as in other cases of tenants
in common.
[Part 1:72:1865; A 1879, 140; 1949, 51; 1943 NCL § 3315]
1. A mortgage or alienation of any kind, made for the purpose of
securing a loan or indebtedness upon the homestead property, is not valid
for any purpose, unless the signature of the husband and wife, when that
relationship exists, is obtained to the mortgage or alienation and their
signatures are properly acknowledged.
2. The homestead property shall not be deemed to be abandoned
without a declaration thereof in writing, signed and acknowledged by both
husband and wife, or the single person claiming the homestead, and
recorded in the same office and in the same manner as the declaration of
claim to the homestead is required to be recorded.
3. If either spouse is not a resident of this State, his signature
and the acknowledgment thereof is not necessary to the validity of any
mortgage or alienation of the homestead before it becomes the homestead
of the debtor.
[2:72:1865; B § 187; BH § 540; C § 551; RL § 2143; NCL § 3316]—(NRS
A 1963, 28; 1971, 576; 1979, 281; 1983, 105; 1985, 14)
1. Whenever execution has been issued against the property of a
party claiming the property as a homestead, and the creditor in the
judgment makes an oath before the judge of the district court of the
county in which the property is situated, that the amount of equity held
by the claimant in the property exceeds, to the best of the creditor’s
information and belief, the sum of $350,000, the judge shall, upon notice
to the debtor, appoint three disinterested and competent persons as
appraisers to estimate and report as to the amount of equity held by the
claimant in the property, and if the amount of equity exceeds the sum of
$350,000, determine whether the property can be divided so as to leave
the property subject to the homestead exemption without material injury.
2. If it appears, upon the report, to the satisfaction of the
judge that the property can be thus divided, he shall order the excess to
be sold under execution. If it appears that the property cannot be thus
divided, and the amount of equity held by the claimant in the property
exceeds the exemption allowed by this chapter, he shall order the entire
property to be sold, and out of the proceeds the sum of $350,000 to be
paid to the defendant in execution, and the excess to be applied to the
satisfaction on the execution. No bid under $350,000 may be received by
the officer making the sale.
3. When the execution is against a husband or wife, the judge may
direct the $350,000 to be deposited in court, to be paid out only upon
the joint receipt of the husband and wife, and the deposit possesses all
the protection against legal process and voluntary disposition by either
spouse as did the original homestead.
[3:72:1865; B § 188; BH § 541; C § 552; RL § 2144; NCL § 3317]—(NRS
A 1975, 215; 1979, 282, 984; 1981, 625; 1983, 663; 1989, 3, 647; 1995,
226; 2003, 1009 ; 2005, 1010 , 2227 )
Except as otherwise
provided in a premarital agreement between the husband and wife which is
enforceable pursuant to chapter 123A of NRS:
1. If the property declared upon as a homestead is community
property, the husband and wife shall be deemed to hold the homestead as
community property with a right of survivorship. Upon the death of either
spouse:
(a) The exemption of the homestead from execution continues,
without further filing, as to any debt or liability existing against the
spouses, or either of them, until the death of the survivor and
thereafter as to any debt or liability existing against the survivor at
the time of his death.
(b) The property vests absolutely in the survivor.
2. If the property declared upon as a homestead is the separate
property of either spouse, the husband and wife shall be deemed to hold
the right to exemption of the homestead from execution jointly while both
spouses are living. If the property retains its character as separate
property until the death of one or the other of the spouses:
(a) If it is the separate property of the survivor, the exemption
of the homestead continues.
(b) If it was the separate property of the decedent, the exemption
of the homestead from execution continues as to any debt or liability
existing against the spouses, or either of them, at the time of death of
the decedent but ceases as to any subsequent debt or liability of the
survivor.
(c) The property belongs to the person, or his heirs, to whom it
belonged when filed upon as a homestead.
3. If the property declared upon as a homestead is the property of
a single person, upon his death:
(a) The exemption of the homestead from execution continues,
without further filing, as to any debt or liability existing against him
at the time of his death and as to any subsequent debt or liability
against a person who was living in his house at the time of his death, if
that person continues to reside on the homestead property and is related
to him by consanguinity or affinity, even if the person through whom the
relation by affinity was created predeceased the declarant.
(b) The right of enjoyment of the property belongs to each person
described in paragraph (a) until that person no longer qualifies under
that paragraph.
4. If two or more persons who are not related by consanguinity or
affinity have claimed as a homestead their respective undivided interests
in a single parcel of land or a mobile home, upon the death of one the
exemption of the entire property from execution continues as to any debt
or liability of the decedent and the other declarants until the death of
the last declarant to die, but only for the benefit of a declarant who
continues to reside on or in the property.
[4:72:1865; A 1879, 140; BH § 542; C § 553; RL § 2145; NCL §
3318]—(NRS A 1965, 60; 1977, 933; 1983, 105, 663; 1985, 14, 145, 146;
1989, 1007)
1. If the spouse of any owner of a homestead is insane, and the
owner desires to convey the homestead, or any interest therein, he may
petition the district court in which the homestead is situated for
license to convey the homestead. The court, upon reasonable and not less
than 20 days’ notice of the petition to the kindred of the insane spouse
residing in this state (which notice may be personal or by publication in
some newspaper in the county, or directed by the court), may hear and
determine the petition, and may license the owner to convey the
homestead, or any interest therein, by his sole deed. The license must be
recorded in the office where the homestead is recorded, and thereafter
the sole deed operates as if the spouse had been sane and joined in the
deed.
2. On granting the license, the court may make such special order
as to the investment or disposition of the funds derived from conveyance
as it deems necessary to protect the interest of the insane spouse.
3. On the hearing of the petition for license, any of the kindred
may appear and be heard in the premises, and may appeal from any order
made on the subject in the same manner provided for other appeals from
decrees of the district court.
[5:72:1865; B § 190; BH § 543; C § 554; RL § 2146; NCL § 3319] +
[6:72:1865; B § 191; BH § 544; C § 555; RL § 2147; NCL § 3320] +
[7:72:1865; B § 192; BH § 545; C § 556; RL § 2148; NCL § 3321]—(NRS A
1979, 282)
Nothing in
this chapter shall be so construed as exempting any real or personal
property from sale for taxes.
[8:72:1865; B § 193; BH § 546; C § 557; RL § 2149; NCL § 3322]
Nothing
in this chapter exempts any real or personal property from any statute of
this State that authorizes the recovery of money owed to the Department
of Health and Human Services as a result of the payment of benefits from
Medicaid through the imposition or foreclosure of a lien against the
property of a recipient of Medicaid in the manner set forth in NRS
422.29302 to 422.29308 , inclusive.
(Added to NRS by 2003, 878 )
