Once you purchase a home, you will likely start receiving 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.
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.
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
Main Office:
500 S Grand Central Pkwy.
2nd Floor
P. O. Box 551510
Las Vegas NV 89155-1510
Northwest Office:
3211 N. Tenaya Way
Suite 118
Las Vegas NV 89118
Henderson Office:
245 N Stephanie Street
Suite B
Henderson NV 89074
Contact me if you are considering buying or selling Las Vegas real estate. You will be glad you did.
...Eric
Eric Fernwood
RE/MAX CENTRAL
8400 W. Sahara Ave
Las Vegas NV 89117
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