Just closed on your new home and your mailbox is filling up with formal looking requests to homestead your new home? You're not alone! These notices often raise concern with new homeowners that they may need to file something...and quick! However, your concerns about needing to file using one of these businesses to file for you are unwarranted. Filing a Declaration of Homestead yourself is a simple procedure and definitely worth the effort to protect your new home.
Read on to find out some basic information about filing a Declaration of Homestead in Nevada, and why you need to file one. If you are reading this article and your property is located outside of Nevada, please consult with your local county assessor's office for information specific to your area.
What is a Declaration of Homestead in Nevada?
In Nevada under NRS 115 you have the ability to protect the equity in your principal residence from general creditor claims by filing a Declaration of Homestead. This filing can protect your equity up to $550,000 from general creditor claims such as bankruptcy, charge card debts, unpaid medical bills, accidents, and business or personal loans.
Keep in mind that it is not impossible for a seizure or forced sale to happen if your equity is above $550,000 and creditors could still file judgment claims against any real property you may own. A declaration of homestead also does not protect you from mortgage deeds of trust, IRS liens, child or alimony support payments, tax payments, or mechanics liens.
How Do I File A Declaration of Homestead?
In Nevada, you can easily file a Declaration of Homestead on your property. The declaration is filed with the County Recorder. The procedure for filing for your specific property location can generally be found on the county assessor home page.
If your property is in Clark County you can file your Declaration of Homestead using the following procedure:
- Gather your property parcel number and legal description of your property. This may be in your closing documents or you can search the real property records by clicking here.
- Complete a Declaration of Homestead in black ink and be sure the text does not extend beyond the margin line.
- The form must be signed & notarized in front of a Notary Public.
- The completed form is to be taken to the County Recorder for filing.
- The cost to file the form is $40.00 - for current and specific information about what forms & the current fees to file you will want to confirm with the county by clicking here.
By completing these simple steps, you are one step closer to protecting the investment you've made in your new home, and without the added fees charged by an outside company to complete the process for you.
*The information contained in this article is general in nature and is not to be considered legal guidance. Please consult an attorney for additional information about protecting your property using homestead law in the State of Nevada.*
Are you or someone you know thinking of buying, selling or investing in Las Vegas/Henderson real estate? The Tonic Group with Urban Nest Realty would be honored to assist with this important transaction. Our talented team of expert real estate agents will educate along the way of your sale and help you get the best deal and the most equity from your property in today's market. Contact 702.400.3881 for more information and to begin the process.
