Nevada allows homesteads. They are a great asset protection device for all homeowners and the Nevada Legislature has just increased the amount of protection by $200,000.
A homestead is property consisting of:
- Land with dwelling on it;
- A mobile home whether or not the underlying land is owned by the mobile home owner; and/or
- A unit (condominium)
Please note that homestead protection is not available for ‘rental property’. The amount of “exemption” or “protection” is “that amount of equity in property held by the claimant which does not exceed $550,000 in value.” A 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. A homestead claim/declaration must be recorded. Then, a recorded Declaration of Homestead per Nevada law NRS 115 , protects the equity in your residence up to $550,000. It does not protect homeowners from any mortgage or deed of trust (including seconds) recorded prior to a homestead. So your mortgage(s), your common interest community CC&Rs, By Laws allowing for HOA fines, are not affected by a homestead.
The form can be located by clicking —-> HOMESTEAD FORM
The form must be PRINTED in legible black ink with a border of 1 inch on all sides. There is a $14 filing fee, but if the form does not meet these requirements an additional $25 fee can be charged.
The Clark County Assessor has, as always, an excellent Homestead Website to assist in filling out this form.
Note also liens (judgment) cannot be filed against Nevada homesteaded properties as ruled by the Nevada Supreme Court in In re Contrevo.