Property Management
What is an association assessment lien in Nevada HOA law (NRS Chapter 116)?
AA government lien for unpaid property taxes
BA lien that an HOA can place on a homeowner's property for unpaid assessments (dues, fines); in Nevada, HOA super-priority liens can take priority over first mortgages for a limited amount✓ Correct
CA lien placed by a property manager for unpaid management fees
DA lien from a neighboring property for encroachment damages
Explanation
NRS Chapter 116 gives Nevada HOAs the ability to place a lien on a homeowner's property for unpaid assessments. Nevada's 'super-priority' lien provision allows the HOA lien to take priority over the first deed of trust for up to 9 months of unpaid assessments — a significant issue for lenders and buyers at HOA foreclosure sales.
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- In Nevada, which government power allows the county to place a property tax lien on real property for unpaid taxes?Property Ownership
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- In Nevada, the foreclosure process under a deed of trust is primarily:Escrow & Title
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- What is a deed of trust foreclosure timeline in Nevada under non-judicial procedures?Escrow & Title
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Key Terms to Know
Deed of Trust
A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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