Property Ownership
In Nevada, a homeowners association (HOA) lien for unpaid assessments is generally:
ASuperior to the first mortgage lien
BJunior to the first mortgage but may have super-priority for limited amounts under Nevada law✓ Correct
CUnenforceable without court approval
DSubordinate to all other liens
Explanation
Under Nevada's Common Interest Ownership Act (NRS 116), an HOA's lien for unpaid assessments has a 'super-priority' for up to 9 months of unpaid assessments that is senior to the first mortgage, allowing HOA foreclosure to extinguish the first mortgage on that portion.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
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