Homestead Exemption
Nevada Homestead Exemption – Protecting Your Largest Single Investment – Your House
In Nevada, homeowners can properly prepare and file a declaration of homestead, which is legal protection that shields a portion of equity in your primary residence from being taken by creditors. Nevada Revised States NRS Chapter 115 provides this protection against creditors forcing the sale of your primary residence to satisfy a judgment or debt.
How does Nevada Homestead Exemption Work?
After you purchase real property, you are allowed under NRS 115 to record a Declaration of Homestead, which protects up to $605,000 of the equity in your primary residence from general creditor claims.
Are there Any Exemptions from the Nevada Homestead?
Yes, the exemption to this protection includes secured loans against real estate like a mortgage or home equity line of credit or homeowner association debts related directly to the property. You also must pay your property taxes and tax liability to the IRS, or the state and federal government can force you to sell your primary residence to disgorge your equity to satisfy their debts. Also, mechanic liens, child support and alimony obligations enable others to force your house to be sold to recover their debts and expenses.
After I file a Nevada Homestead do, I ever need to refile it again?
It depends; Nevada Homesteads do not become stale or become void because they are old. However, if you refinance your house, are forced through a divorce decree to remove a spouse from the deed to the house, or if you transfer your house into your Revocable Living Trust, then you should refile another Nevada Homestead.
Additionally, if you purchase another house then you must file a new Nevada Homestead against the new property.
As experienced estate planning attorneys in Las Vegas, Nevada, we can help you properly prepare, file, and protect the equity in your primary residence with a properly prepared and filed Nevada Homestead.
Locations
Henderson Office
10424 S. Eastern Ave., Ste. 101
Henderson, NV 89052
Las Vegas Office
9030 W. Cheyenne Ave., Ste. 210
Las Vegas, NV 89129
Pahrump Office
1321 S. Hwy 160, Ste. 8A
Pahrump, NV 89048
Phone
702.465.0888