Homeowner Insights by Brandy White Elk
What is a homestead?
A Homestead Declaration is a simple legal document that can protect your home’s equity up to $550,000 from attack by creditors.
Why do you need one?
If a general creditor sues you and gets a judgment, the judgment creditor could seize your home and force a sale to collect on the judgment.
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.
What does it not cover?
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. It also does not protect any investment or rental property that you own.
Who can declare a homestead?
You can only file a homestead on your primary residence only.
What is the process to file a homestead?
One of the many benefits we provide at Innovative Real Estate Strategies is assisting our clients in getting the Homestead recorded.
Here is all you need to do:
- Complete the Homestead Declaration form. Just download the form below
- We provide a complimentary notary service to our clients. So just call us at 702- 478-2242 to schedule a time to come into our office to have the homestead notarized
- Bring a money order for $44.50 made out to Clark County Recorder (This is the required recording fee)
IRES will handle the next step and take the document to the Clark County Recorders Office and have it filed.
PAST EVENT: VAREP Veterans Loan Programs Education Class
Last month, we offered a course for realtors interested in learning more about loan programs for veterans. The Military & Veteran Housing Certification (MVHC) course was worth 8 hours of continuing education credits and was designed to help attendees serve the housing needs of members of the military and veterans.
According to the Veterans Association of Real Estate Professionals (VAREP), 95% of veterans said they did not receive housing information while in service or post-separation. Because homelessness greatly affects the veteran community and because we are proud supporters of our military and veteran community in Las Vegas, we wanted to offer this course to all who were interested.
If you couldn’t make it to our event, you can still take the course. All you have to do is register on VAREP’s website.