Effective 10.1.2009, any two persons can become Domestic Partners in Nevada.  A domestic partnership is one in which persons have registered a valid domestic partnership. (this form does not exist yet).

HOW IT AFFECTS YOUR REAL ESTATE CAREER?  Don’t wait for complications at close of escrow as whether you have the authority to list and sell.  Have each Partner sign.  When taking a listing, just like a married client, inquire if your client has a domestic partnership.  And ask about not only here in Nevada but any other state.  If they had one, but it is dissolved, they should provide title with the dissolution.  It’s simple really, just treat it like a marriage, escrow will assist you with the rest.

SOME QUICK NOTES ON DOMESTIC PARTNERSHIP TERMS:

Date of Domestic Partnership – The date of effective date is just like date of marriage, but it is referred to as “the date of registration.”

Out of State Domestic Partnerships are recognized in Nevada.

It is just like being married, it affects – 1. Community property; 2. Mutual responsibility for debts to third parties; 3. The right to seek financial support from the other following the dissolution; 4. Other rights and duties as between the partners concerning ownership of property.

To end a Domestic Partnership – 1. You file for divorce or ‘dissolution in family court’ under NRS 125; 2. Or…simplified termination by filing a one pager with the Nevada Secretary of State (this form does not exist yet), provided: a.) Partnership is not older than 5 years. (the five year itch has now been reduced to law); b.) No children created/adopted during; c.) There is no community or joint property or the parties have executed an agreement setting forth the division; d.) The parties waive any rights to support or the parties have executed an agreement setting forth support; e.) The parties waive the right to conduct a normal divorce in family court.

Advertisements