Why Should You File a Homestead Declaration in Nevada?
Without a properly recorded Homestead Declaration (“Homestead”), creditors may attempt to pursue your home’s equity to satisfy a judgment. Filing this document will give you peace of mind that your home remains your asset.
Your house is generally your most valuable investment. Homeowners can shield a significant portion of their home’s equity from most types of creditors. If you have not yet filed a Homestead, now is the time to understand how this can benefit you.
What is Homestead Protection?
A Homestead is a filing that protects up to $605,000 of equity in your primary residence from most creditors. So, if a judgment is filed against you, your home cannot be forcibly sold to satisfy the debt.
It’s important to note it is Equity, not Value, of the primary residence. If you own a home worth $500,000 and you have a mortgage of $350,000, then your equity is $150,000.
The challenge is making sure that you file it correctly. If errors are made, you will never know until you need its protection.
If you have made any changes to the Title of the property after you filed your Homestead, you MUST file a new form. The Homestead should follow the most recent Deed.
Our concierge service will:
- Review the County records to confirm the true ownership
- Complete the Homestead ready to be signed and notarized
- Record and provide you with an electronic copy and the original for your records
In conclusion, when is a good time to file Homestead? Now is a good time. If you’re having the thought, then it’s your intuition talking to you and now is the time to take action.
Do you have questions? We are happy to assist you.
Disclaimer: We are not attorneys, CPAs, or tax advisors in the state of Nevada or any other state. We are not licensed to give legal, tax, or financial advice, nor may we accept fees for doing so. Nothing in this information, digital content, social media channels, profiles, or website is intended to be or should be considered legal, financial, or tax advice. Laws, statutes, tax codes, lending policies, guidelines, programs, and more are subject to change. Social media and website content may not be fully up-to-date. Information is provided “as is” without any guarantees, warranties, or representations, implied or otherwise. Each legal matter is unique and specific. Therefore, QC Deed, LLC, DBA: Quick Claim USA, encourages every individual and business to seek professional guidance from legal counsel and qualified or certified professionals regarding their specific legal, tax, or financial matters.
