Information about deeds, title, and property ownership
Every state is slightly different in its laws regarding property ownership. Knowing the basics of property law generally in the United States can go a long way. However, as you buy and sell properties in a state, knowing that market’s specific laws and preferences can help to set expectations and make your transactions move forward more smoothly.
In this article, we walk through some of the key ownership considerations in Nevada
Nevada recognizes four basic types of ownership: sole ownership, community property, joint tenants, and tenants in common.
Sole Ownership in Nevada
In this type of ownership, one individual or entity owns the property completely with no other tenants. One important thing to note: as Nevada is a community property state, a spouse cannot acquire property without the other spouse gaining an ownership interest.
Community Property in Nevada
Nevada is one of the nine community property states. This means that any property acquired during a marriage by either spouse is owned by both spouses jointly. The only exception is when both spouses agree in writing that a piece of property will be owned separately or in a different form of co-ownership. Upon the death of one spouse, there are two ways that community property could be distributed.
The surviving spouse will keep their half of the community property. For the deceased spouse’s share, the question is whether the deceased spouse leaves a will. If there is a will, the deceased’s share would pass to heirs according to the will. If there is not a will, the community property passes to the surviving spouse.
Joint Tenants in Nevada
Nevada recognizes joint tenancy as a common form of joint ownership for non-spouses. This form allows multiple people or entities to own a title interest to the property, and comes with various rights and responsibilities. In particular, joint tenancies involve all parties having equal ownership and the right to assume another owner’s interest in the event the other owner dies.
Tenancy in Common in Nevada
Nevada also recognizes tenancy in common as a form of co-ownership for non-spouses. Tenancy in common allows multiple owners to own title in a property, but rather than owning equally, the owners can set varying ownership percentages. For example, one owner could own 51% of the property, with the other owning 49%. Additionally, an owner’s share would pass to the owner’s heirs upon death, rather than passing to the other tenants in common.
The most common deed form in Nevada is the Grant Bargain and Sale Deed. This is a type of deed that typically involves two key elements. First, it warrants that the seller has not conveyed the property to another person. Second, the seller promises that the seller has not created any title issues while the seller has owned the property. Warranty and quitclaim deeds are also available as well with additional underwriting.
Knowing how a property is typically conveyed in a state, and what types of ownership are available for the title can go a long way to ensuring a smooth transaction.
Nevada is a community property state, meaning that spouses have additional rights with regard to anything acquired during the marriage. Additionally, unlike most states, Nevada prefers Grant Bargain and Sale deeds instead of the more standard warranty deed, which can contain fewer protections for buyers. Understanding these considerations can help set expectations for buying and selling in Nevada.
*The information provided on this site does not, and is not intended to, constitute legal, financial, tax, or real estate advice. Please consult your expert for advice in those areas. All content is for general informational purposes only and is not intended to provide a complete description of the subject matter. Although Peak Title Professionals, provides information it believes to be accurate, Peak Title Professionals, makes no representations or warranties about the accuracy or completeness of the information contained on this site. Specific processes will vary based on applicable law. The title and closing process will be handled by a third-party attorney to the extent required by law. Product offerings vary by jurisdiction and are not available or solicited in any state where we are not licensed.
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