***NOTE: I only prepare or file homestead declarations for estate planning clients. The guide below is intended to provide you assistance in preparing and recording a homestead declaration on your own.
Periodically I receive questions about asset protection for the client’s primary residence. In Nevada, that’s an easy problem to solve. Nevada offers one of the most generous homestead exemption laws in the country. This is a huge benefit for Nevada residents thanks to Nevada’s strong public policy in preventing its residents from losing their homes over a judgment. Here’s what you need to do:
- Visit the Clark County Assessor’s webpage for their detailed explanation on what the Homestead Law offers. You’ll also find a link to the downloadable and
fillable pdf Declaration of Homestead form. This form is recognized in every county in Nevada, not just Clark. - You’ll need to enter the Assessor’s Parcel Number (APN) for your property. If you live in Clark County, look it up through this link. If not, contact your County Assessor for the number.
- Enter in your name and contact info in the “recording requested by” section.
- Check the box next to your marital/declaration status.
- Check the box next to your home type.
- Using the official record you looked up earlier to find your APN, enter in the name on title.
- On the next line enter the name of the person(s) claiming the homestead protection.
- Now enter your city and county.
- Again, using that APN record, enter in the legal description of the property. You might need to pull up the deed to do this. If the description won’t fit, type in “See Exhibit A” and then, on a separate piece of paper titled “Exhibit A,” type in the exact legal description.
- The person on title will need to sign before a notary. So at this point, print it out, date it, and sign in front of a notary.
Now, go back to the Clark County Assessor’s webpage and follow the procedures for recording the document. Recording fees are $40. You may either walk in the homestead declaration or mail it.
In less than 10 minutes you can prepare a document that will offer some of the best asset protection benefits you’ll ever need!
I have recorded a homestead on my property, but have recently deeded the property into my revocable living trust. Do I need to refile a homestead declaration?
No. Per NRS 115.020(5), moving an already “homesteaded” property into your revocable trust, so long as you are its beneficiary, will not require you to re-file. However, if the beneficial owner changes, re-filing is necessary to secure the protection
No. When you check ‘Married (filing jointly)’ you can declare your homestead without your spouse countersigning. That is true of anyone declaring a homestead for more than themselves so long as the person’s name is on title and the appropriate box is checked.
The homestead exemption protect $550,000 in equity in your home. So a home worth $600,000 is still fully protected when the owner has a mortgage of greater than $50,000 (resulting in net equity of $550K or less).
Yes. The homestead exemption precludes a creditor from forcing the sale of your home while you live there, but a creditor can still lien your home to collect upon a sale. (Note that a homestead does not protect you from a mortgage lien where the home itself was specifically pledged as security on a promissory note.)
Follow the link in step 2 and then find your property either by ‘Owner Name’ or ‘Address’ in the column just to the left of the middle of the page under the ‘Search’ heading. Once you find your listing you can click on the previously recorded deed to pull that up and locate the legal description.
My ex wife and I are joint owners . We want to homestead our property but she lives in Hawaii and I live in Las Vegas.
Do I notarize one page for me and she will notarize one for her and we submit our request
You should check with the recorder’s office on that. There’s not much space in the notary stamp area so I imagine the HI notary will attach a supplemental page to get the job done. You would sign before a notary and then mail the original to her to do the same. Confirm with the recorder just to be sure.
Reading the above, I thought he wouldn’t have to if he checked the married box? His notarized signature would cove them jointly
Good evening ,thank you for your time and explain step by step, i got most of it except the # 6 where i should enter name on title should i put the mortgage name or my name as im the owner but still not paid off .I would appreciate if you can reply to only this question Thank you!!!
While the bank is the lienholder, you are the title holder so you should enter your name as it appears on the deed.
Does a homestead expire after so many years?
No.
Do all the family members need to be named “claiming homestead protection” or just the owners of record?
Thank you
The homestead exemption is only applicable to the owners of the property so you would only need to list the title holders.
Can you have the form dated/notarized at title before actual recording on the subject property? Or should the form be dated/notarized after recording/ownership. Does it matter?
Thank you
Record it after closing. Until you’re actually on title the exemption won’t apply. Assuming you’re referring to closing on the purchase of the property, you be able to instruct title to record the homestead declaration after the vesting is recorded, but that’s up to title.
Sir,
My wife is the sole owner of the house on the title and on the mortgage. What option she has to select ‘Married(filing individually), Married (filing jointly) or by wife ( filing for the benefit of both)
Based on what you stated, since your wife is the sole title holder it sure sounds like the last option makes the most sense.
Should the check or money order be made payable to “Clark Count Assessor”, or ?
The assessor web page does not specify.
http://www.clarkcountynv.gov/assessor/services/Pages/Homestead.aspx
TIA
Contact them to confirm, but when I pay for recordings we always write Clark County Assessor as the payee.
I submitted a Declaration of Homestead form to the Recorder’s office. It was rejected because my APN consists of two numbers. One for my condo, and one for my detached garage. The recording fee is now $40.00 for Homestead Declaration’s. I resubmitted for my condo only. My garage on it’s is worth about 10K. Do you recommend paying an additional $40.00 to submit a 2nd separate Declaration of Homestead for the garage which would be in addition to the condo? Thank you!
Sure, if the county will accept it, but you can only have one exempt homestead asset.
Hi, thanks so much for this post! Can you please clarify if everyone who’s signing the form has to be present at Clark County Recorder for recording? My fiance and I own the house together and both names will be listed on the form but I was wondering if I can just take it down myself to get recorded. Thanks!
You must sign before a notary elsewhere (you can do that together) and then bring it to the recorder for recording (you can do that part on your own once both of you have signed).
What if the title holder is a trust? My wife and I are both Trustees. Should we mark married filing jointly, put the Trusts name under the Title holder and then our individual names as the one’s claiming the exemption?
Thanks
Exactly right.
what would i put on the homestead document _____________________________________________________________________________________________________
is/are now residing on the land, premises (or manufactured home) located in the city/town of
If a tenant is in my home what do I put on the blank line above? On the house I live in I put my name, however I have 3 rental properties that I would like to Homestead as well
You’ll only be able to claim one property as your homestead.
Do you have to reapply for Homestead if you refinance.
I Homestead my home 6 years ago and I just did a Cash out refinance
Do I need to reapply for Homestead
If title remained in your name throughout the transaction then re-filing the homestead should not be necessary. However, it doesn’t hurt to re-file to be safe.
Is there a way to check and see if, in the situation of a cash-out refinance above, the homesteading is still in effect?
Contact or search for a homestead recording on the Clark County Recorder page.
I have a homestead on my current property. We just refinanced the home with the same lender we previously had. Do I need to record a new one?
No.
Two questions: 1) The title is under both of our names. Can I just sign and get it notarized or do we both have to? 2) What type of description am I supposed to give other than the street address on the line after I fill out Name on Title of Property?
1) If you check the relevant box, you can sign on behalf of the other owners.
2) You’ll need to pull the legal description using the process in Step 2.
Hello Sir,
I am married and live in the house with my husband and kids but I soley own the house and would like to file a homestead. What do I put down where it states (set forth legal description and commonly known address or manufactured home).
Please see Step #9 above for instructions on how to do that. You can search for your deed at this link: http://www.clarkcountynv.gov/assessor/Pages/RecordSearch.aspx
Do I have to refile a homestead if I paid off my home and no longer have a mortgage?
No.
Hello I live in a rv but reside on someone else property that I rent a space from, can I homestead my rv and do I continue to pay rent
No, you cannot homestead an RV.
I was just divorced and awarded the home. Husband has signed a quitclaim deed over to me. I must refinance to remove Husband from mortgage. I plan on paying off the mortgage and having the home free and clear in my name. Do I need to refile a homestead declaration after the mortgage is paid and the deed is solely in my name? Or is the declaration we signed years ago still stand?
The prior homestead is still effective, but given the title changes, I recommend re-filing anyway just to be safe.
Can i file a NV homestead if we both currently live out of state and NV home is now a rental but we used to live there for many years? Also how can I look up if I have already filed for homestead?(I may have filed already years ago but forgot and IDK how to look it up=I remember doing it but want to double check)
You can always file, but it’s not going to offer you protection if it’s not your actual residence. Note in the form that you are “certifying and declaring” that you reside on the land.
You can check for prior recording on the Clark County Recorder page.
I downloaded the form. I filled it out. I had it notarized. I got a cashier’s check. The envelope is sealed with a stamp on it, and I have no idea where to send it. Which address is the correct one?
Why isn’t that on the form, and why is there no mention of a $40 fee on the form. We’re not mind readers.
Agreed. You can record it in person or through the mail but contact the Assessor to get those details.
I do not know what to say ,my address ?
is/are now residing on the land ,premises (or manufactured home) located in the city/town of
Thank you
The space before “is/are now residing …” is where you state who lives on the homestead.
Thank you for posting this very useful article! Our property is in a trust, and I have filled out the form with the name of the trust listed as the name on title. I have also listed my wife and I as the two people declaring the homestead exemption on the next line. My question is this:
Can I select “By Husband (filing for joint benefit of both)” and be the sole signature on the declaration, or does she have to sign it as well? It’s just a matter of inconvenience for her.
Thanks again!
Yes, you can check the appropriate “filing for joint benefit of both” and save the trouble of both signing together before a notary.
Thank you for posting this web site. My wife recently filed for a homestead. She is the sole owner of the house. She filed as; Married (filing individually). Is this the right option? Should we change it to; By Wife (filing for the joint benefit of both) ? Does it matter? Does this effect the homestead protection?
In this case I’d recommend the “By Wife (filing for the joint benefit of both)” option. A Homestead Declaration protects the title holder from a forced sale as a result of an adverse judgement creditor. Since you’re not on title, it really doesn’t apply to you (since there’s no house to take from you). But should a personal creditor of yours attempt to make a claim on the home under a community property claim, then her filing for your joint benefit would seem to provide some umbrella coverage over both of you.
“Premises located in the city/town of __________ ”
All of my paperwork says Las Vegas however the assessor page notes “Enterprise” as the unincorporated town. Should I fill in the blank above with Las Vegas or Enterprise in this case?
I’m using Las Vegas in the (set forth legal description and commonly known street address portion of the form since that is on all of my other documents.
Just wondering how much it matters and if I should use Enterprise vs Las Vegas for the first part referenced above?
Thanks!
Did you know most of the Las Vegas Valley is made up of unincorporated towns? Enterprise and Paradise are the two largest I believe, but as Feb. 2018, of out of the 2.25M Clark County residents, over one million live in unincorporated Clark County. Most of us live in “Las Vegas” whether the actual are is unincorporated or not. For this purpose, if your address shows Las Vegas, just enter Las Vegas in that space.
Should I leave the money order blank. It does not tell you who to make the money order payable to. Would it be Clark County Assessor?
You should contact the County Assessor to get payment information.
I am helping my dad prep this form. He is recently widowed but has yet to recieve a death certificate should he be marked as filing Widowed, By Husband, or Married.
Widowed seems appropriate here. The county does not require proof of that so a death certificate isn’t necessary.
Thank you so much for the detailed description on how to properly fill this out as the legal wording can be a little confusing at times. My only question is in the legal description section, i know i need the subdivision name and lot block, but should i include the book pages #, T-R-S #, tax district, and census tract info? Thank you again for your clarification…
Follow the link in step 2 and then find your property either by ‘Owner Name’ or ‘Address’ in the column just to the left of the middle of the page under the ‘Search’ heading. Once you find your listing you can click on the previously recorded deed to pull that up and locate the legal description.
If the owner is put in a nursing home – does this protect her assets?
No.
Hello,
My husband and I purchased a home in Las Vegas on Dec 2015, and somehow never filed our homestead. The State that we still live in does not require it and so we were not aware of it being something that NV requires. Is it too late to file it now? I just became aware of it when my neighbor in Las Vegas asked me a question about it.
Thank you.
No, a homestead declaration can be filed any time after taking title to the property.
When filing a homestead if you are married but the spouse is not on the deed. spouse is also un-papered .What should be checked in the box ? Married (Filing individually) ?
In the ‘Check One’ section you are stating who is claiming the homestead protection. So it sounds like ‘married (filing jointly)’ would be the appropriate choice in your situation. However, keep in mind that if your spouse is not on title then there’s nothing for a creditor to attach anyway. On the other hand, a creditor might argue that your spouse’s community property interest in the property is attachable, regardless of the fact that his name is not on title. In that case claiming ‘married filing jointly’ would provide that protection you seek.
Hello and thank you,
We’re buying a home in Mesquite Nevada and would like to Homestead it. Is there a breakin property tax for being over 65?
Can’t help you there. You’ll need to contact the county assessor.
Thank-you for the insight on the Homestead document. My wife and I are both listed on the Title. Under the Check One box there is “By Husband (filing for Joint Benefit of both).
Do I still need my wife to sign with me and a notary even if I’m filing for benefit of both?
Thanks…
No.
We own a home, paid off, only residence and wanted to know if we are able to Homestead this home if it is listed in our Trust – in the Trust name. We live in the state of Nevada. Thank you!
You’re still declaring the property as your homestead no different than if your house wasn’t titled in the trust. Except rather then putting your names in the “Name on Title of Property” line, you’re going to put the trust’s name.
Mr Cahill
My home loan is under my name when (we), husband and I bought it due to credit/finanical history with him.
About six months or longer we went to do a living will trust and I wanted to Homestead the home. Now the home is listed as —– FAMILY LIVING TRUST with both names, husband then mine.
My questions are:
1. can I still change and fill out the homestead form with me checking box Married, filing individually or should I chose another box?
2. On the form – Name on title of property: do I put the family trust name
3. Then next line my name only?
I thank you for your time reading and replying back.
1. Yes. You are filing for personal homestead protection and you want that protection for both of you. So you should file married.
2. If the property is titled in the name of the trust, then use that title.
3. Both of your names since both of you are seeking protection and reside there.
Does Nevada homestead law cover a townhouse used by the owner as a personal residence?
Thank you very much for this informative post. I did have a question about the form / law. I am the sole owner of a townhouse in Clark County that is used as my personal residence and I am trying to complete the Declaration of Homestead Form which only includes the following choices:
1. Regular Home Dwelling
2. Condominium Unit
3. Other
Which would I select?
1. Regular Home Dwelling
My name is on title, not my wife’s. Do I need to include her on Homestead or is she automatically also protected because she lives there? Is there a downside to including her, for example if we divorce, does adding her to Homestead give her any additional “entitlement” to the property?
I can’t advise on the community vs separate property aspects of this. Sure, if you divorce she might argue that your act of adding her to the homestead might support her claim to the house as community property, but I don’t think that’s a strong argument. There is an impact on recording the homestead relating to her right to the property at death, but that’s a more complex matter. If you want to her to enjoy homestead protection on the house also, you would sign for both of you by checking the ‘By Husband (filing jointly for benefit of both) box.
I’m the only owner of my home and my home title is under my maiden name. Do I sign using my maiden name or can I sign it using my married name? or should I sign both under my maiden and married last name?
When you sign the notary will want your name to match the one on your ID that you verify your identity with. But as long as you could prove you are the same person under examination then it won’t matter.
My condo is homesteaded by myself and my husband. We are both retired. If myself or my spouse dies does the homestead need to be refiled? Also, in Nevada will credit card creditors or medical company creditors be able to get a lien against my condo, if the condo was not used as collateral?
Thank you in advance for your response.
No, it does not need to be re-filed upon death of one of you. Creditors can always place a lien on the property, they just can’t force a sale on a homesteaded property. But that lien only comes after they have obtained a judgment against you which requires a lawsuit and personal service on you of that lawsuit.
I obtained a reverse mortgage on my already homesteaded property that was free and clear prior. Do I need to file a new homestead?
Probably not, but I recommend doing it anyway just to be safe.
Our siblings brought a home more than 20 years, overtime we had removed name(s) off the deed but we never filed Declaration of Homestead. The home titled is now under my brother name who is single, and my name, married as sole and separate property. My bro is living in the home with my parents, and I’m married living in another state. My husband and I also own a home. We are working on to file a Homestead 1. do I check box “multiple single person” option? 2. the title name(s), both of our names? 3. do I just put my bro name only who is living in the house? Can my husband and I file Homestead in another state? Thank you!
Homestead protection only applies if you actually live there so your share of the NV property would not receive protection. Regardless though you should still attempt to claim it. Whoever is on title should include their names in that space along with the multiple people box checked.
Hello –
My daughter and I are both on title of her home. I am on the mortgage alone. She was on title from day one as a non borrowing owner. Is she entitled to homestead the house as it is her personal residence? I know that if a claim was against me I would not have protection but is she entitled to it? if something happened with her? If so, would I mark single person (as she is single) or other and explain. I am married but my husband is not on title and I know I won’t get the protection anyway. I filed it and it was rejected and I dont understand why? Thanks so much for your time!!
You should call the County to find out why it was rejected, but yes, she is entitled to file a homestead declaration because she is on title. The mortgage has nothing to do with that. And yes, if she is filing it for herself, then she should mark single person.
Hello! My ex-husband and I are both on the title of our house and are joint tenants of the house. He does not reside at the house but I do with our kids. Can I homestead the house? If so, does he need to sign too or can I do it myself?
Thank you!
Yes you can, but technically he owns one-half. If he names another property as his homestead, then the other half of your home would be exposed to his creditors.
The Homestead Declaration protects your principle home from a forced sale and up to $550,000. If there is a property lien on your home from a civil judgment and you voluntarily sell your home, or refinance are you obligated to pay off the lien? Can they collect the full judgment, or only what’s left over after the $550,000 exemption? If there is a civil judgment against you, but a property lien has not been filed yet can you sell your home without paying the judgment?
The exemption amount was recently raised to $605,000.
You’d have to work it out with title, but NRS 155.055 provides that “the proceeds of $605,000 from the sale of a homestead pursuant to subsection 2 or 3 of NRS 115.050 are only exempt from execution if:
1. Such proceeds are reinvested in another property of like kind for which the declaration of a homestead will be made; and
2. The other property is:
(a) Identified not later than 45 days after the sale of the homestead; and
(b) Taken possession of not later than 180 days after the sale of the homestead.”
If you follow these terms and title agrees to abide by it, then you should be able to preserve the sale proceeds for a new property declared under homestead exemption. If there is no attachment of a judgment in the first place, then it should not affect the sale of your home.
I own my home but filed a Quit claim deed naming my daughter as 50% owner with rights of survivorship. Can we both file separate Homestead Declarations to protect our interest in the property?
Yes and you should. The homestead declaration protects your interest and technically you own 50% of the property, leaving the remaining 50% exposed.
I’ve had a Homestead Exemption filed on my property since I purchased it and for several years now but was curious if I was supposed to re-file the Homestead everytime the mortgage company sells the loan to another mortgage company? I’ve always been the sole owner of the property so there has not been any changes to the deed ever but every couple years; I get a letter that now my mortgage payment is to go to a different mortgage company so am I supposed to re-file Homestread everytime this happens? Thanks for your input
No you do not. The mortgage does not impact the title and the title (your ownership) is what the exemption is protecting. So underlying note changing hands does not affect your title and therefore does not affect your homestead declaration.
Good day, I’m considering selling my very small condo in Las Vegas since it finally has a little equity ($80,000 if I’m lucky) but I have an old credit card judgement (debt apx $4,000) sitting on the condo title. I’ve always had a Homestead Exemption on the condo so they never did try and force a sale to recover the small debt but since I have this Homestead Exemption does it also mean that I don’t have to pay back the credit card company if I do sell the condo? I don’t mind paying the debt if I have to; I’m just trying to know what to expect so I can plan accordingly. Thank you for any input you may have.
You’ll want to clear this with title ahead of time, but review NRS 115.055:
Notwithstanding any other provision of law, the proceeds of $605,000 from the sale of a homestead pursuant to subsection 2 or 3 of NRS 115.050 are only exempt from execution if:
1. Such proceeds are reinvested in another property of like kind for which the declaration of a homestead will be made; and
2. The other property is:
(a) Identified not later than 45 days after the sale of the homestead; and
(b) Taken possession of not later than 180 days after the sale of the homestead.
So basically in order to maintain the exemption on the sale proceeds you need to identify the new homestead within 45 days and take possession within 180 days. If title cooperates, they should not mandate the payoff on the lien at closed of escrow.
Hello. on my previously filed Deed of Homestead in Nye County, I placed the word “city” instead of “town” for the Town of Pahrump – that was the only error. Do I need to file a new homestead or can I leave it as is. thanks!.
You’d have to call the Nye County Recorder to find out for sure, but I wouldn’t think that would be significant enough to make a difference.
Hello Mr. Cahill, I recently purchased a home with my parents’ help, thus their names are on the title along with mine. I will live on the property along with my husband (his name is not on the title) and children. Do my parents have to sign the homestead form or can I select “Head of Family” and sign the form solely?
Since your parents do not live there and have their own homestead, only you would sign it as head of family.
I purchased land via quit claim deed, that had a burned down mobile home on it. I removed the mobile home and homestead the land at the recorders office because I’m living on the premise in a tent while I 3D print a home on the land. Due to finances depleted by COVID ECONOMY, I decided to sell the property to a buyer who said he would pay off liens attached to the property prior to my purchasing the land. Buyer paid the liens, then went to a title company who discovered a default judgment against a non-profit I helped run and according to the judgment, I personally guaranteed, along with the non-profit. My partner in the business, (my girlfriend at the time), may have been served, but I never was and had no idea that a judgement was ordered against the non-profit and my self, but apparently not against my partner, even though I left the company prior to the suit being filed!!! It never occured to me that she would not continue with the obligation as she signed the contact. Anyways when the buyer and I went to close I asked the title company if they wanted the homestead I had filed they told me no. When the title company informed me that title was not cleared and refused to put in writing that escrow would pay me my proceeds, I walked out of the closing because this was not the deal the buyer and I agreed to. It was supposed to be a cash deal, no escrow due to time was of the essence. The next day the buyer said he spoke to a real estate friend that advised that I give back the property to my friend I purchased the property from due to i could not afford all the trouble judgement, etc. Not knowing enough about the law, I quit claimed the deed back to my friend for zero dollars so he could sell it to the buyer and everyone would be happy… Not! I found out that the buyer has a real estate license, yet told me and my friend he knew nothing about real estate when asked directly. Now I think I may have unknowingly broken the law and that I’m getting scammed. The buyer took us to a different title company to sell the property but we haven’t closed yet. How do I protect my land or proceeds from the sale? Please help!
Super helpful arrival. Thank you.
Question – married couple with a loan cosigner who was also placed on the deed
All parties on one homestead document? (There are only 2 lines)
Further complication – cosigner has their own home with a homestead declaration.
Am I correct in understanding that they cannot homestead a second home?
So then that leaves the primary homeowners vulnerable if the cosigner is sued?
Is a homeowners exemption possible for a home purchased by an irrevocable trust that the beneficiary lives in full time?
Mr Cahill
Just finished my citizenship interview and did a name change ( actually added a middle name).
Old Name: Jane Doe
New Name: Jane Smith Doe
My question is : do I have to file/fill out another (NV) Homestead Form?
Thank You
My house is located in unincorporated Enterprise, should I list that or just go with Las Vegas?
Hello. I refinanced my home loan in 2019. I had submitted a declaration of homestead prior to this. Do I need to resubmit since I refinanced?
Thank you
Hello Mr. Cahill, My wife and I (married) recently bought a house with my parents (also married). None of us own any other property, we all live together, and each of us are listed on the title. I am unsure of which box to check and who to have sign? Can we use one form?
Hello I just bought a house in Las Vegas, NV. Mortgage is under my name (Husband) and when I took the title I used “community property with right of survivorship.”
So do I pick Married (Filing jointly) or By husband (filing jointly for benefit of both)?
For Name on Title of Property, do I just list what’s on the deed? or my name?
Thank you in advance!
See Steps #6 and #7 above. You’ll enter the names as shown on the deed in the “Name on Title” space and then the names of the people claiming the homestead in the “… are now residing on the land” space. You would choose “By husband (filing jointly for benefit of both).”
What goes on the form after ……and
more particularly described as follows: (set forth legal description and commonly known street address or manufactured home description)
See Step #9 above.
Mr Cahill,
My mother and I co-own 2 homes. I (single male / living alone) live in 1 home, and she (single woman / living alone) lives in the other home. On both homes, we are listed as “joint tenants with rights of survivorship”. We are going to file a “declaration of homestead” for each home.
Regarding the homestead form for the home that I live in, do I checkmark “single person”, since I’m the only person living in this house? Or do I checkmark “multiple single persons”, since more than 1 person is on the title? Or do I checkmark “Other” and write “By son (filing jointly for benefit of both)” on the explanation line?
Since she lives in the other home and will homestead that home, do both of us need to sign and notarize this form for the home that I’m living in? Or should it only be me signing and notarizing this form?
Does this mean that the homestead will only cover my 50% of the home that I live in…..and the other half of the home will be exposed?
Thank you so much for your help!
Dave
I agree with your interpretation. You both own 50% of two homes. Yet you each live in one and can only declare the home you live in as your homestead. So the other half of the home you do not own would be exposed. Same for your mother.
We filled out both our names on form and signed. And checked the box “married , filing jointly “ Do both spouses need to be present to have notarized? Or is one spouse signing before notary ok?
Both spouses filled out name and signed form.
Checked box “Married; filing jointly” Do both spouses need to be present to have form notarized ? Or is one spouse getting form notarized enough?
One spouse signing the form for the notary is enough.
Hello Mr. Cahill,
I am trying to get SBA loan and they would like to grab my house as collateral (2nd TD). After they got the preliminary report, they saw the homestead declaration on Schedule B. They want me to remove the declaration but I would like to keep it. They told me that because of this homestead declaration, the property do not have enough net equity for them to grab it as collateral since declaration protect $650,000 and I have about $305,000 net equity after 1st mortgage loan. Is this true? do I have to remove my homestead so the bank can take the 2nd TD with equity?
According to the statute (NRS 115), the only explicit creditor exemptions from homestead protections are for mortgages or other loans bound to the property for its improvement and Medicaid liens. So it’s reasonable that the SBA would be concerned about collecting against your home as collateral given that conflict the homestead presents. Releasing the homestead declaration on your home exposes it to creditors so you’d have to weigh that against the necessity of the SBA loan.
My husband lives in and works in Oregon. He uses our home in NV as his permanent home address although he doesn’t actually live here. On the Homestead declaration, do I still list both of us as residing at our home?
There’s no harm in doing so, however if the protection were ever challenged it would likely only apply to the portion owned by a proven resident.
Thank you for posting this very useful article!
Our property is in a living trust, doesn’t that protect against a civil judgement itself?
Thanks!
This is a very common misconception. No, a revocable living trust provides no protection from creditors whatsoever.