Nevada Real Estate Glossary

Nevada is a community property state. Under Nevada Revised Statutes Chapter 123, property acquired during marriage is generally presumed to be community property, owned equally by both spouses. Separate property is property owned before marriage or acquired by gift or inheritance. In a divorce, the court divides community property under NRS 125.150.

Under NRS 123.130, separate property in Nevada includes property owned by a spouse before marriage, property acquired by gift or inheritance, and the rent, issues, and profits of separate property. Separate property is generally not subject to division in a divorce.

Probate is the legal process of administering a deceased person's estate. In Nevada, probate is governed by Nevada Revised Statutes Chapter 148. If the estate includes real property valued above $200,000, formal probate is generally required. Estates between $100,000 and $200,000 may qualify for summary administration.

A simplified probate process in Nevada available for estates valued between $100,000 and $200,000. It is generally faster and less expensive than full formal probate.

A form of probate in Nevada where the personal representative (executor) has broader authority to act without constant court oversight, including listing and selling real property in some cases before probate formally closes.

The person appointed by the court to administer an estate in Nevada. Also called an executor. The personal representative has a fiduciary duty to act in the best interests of the estate and all beneficiaries.

A probate sale process where an accepted offer on estate property is submitted to the court at a confirmation hearing. At the hearing, other buyers may submit competing bids called overbids. The court confirms the highest qualifying offer.

A legal obligation to act in the best interests of another party. In real estate, a personal representative owes fiduciary duty to estate beneficiaries, and a Realtor owes fiduciary duty to their client.

A real estate transaction where the lender agrees to accept less than the full mortgage payoff amount, allowing the homeowner to sell the property when the mortgage balance exceeds the market value. It is an alternative to foreclosure.

A property in poor physical condition, facing foreclosure, or owned by someone in financial distress. Distressed properties may be sold through short sales, foreclosure, or as-is transactions.

A property listing that reached the end of its listing agreement without selling. Expired listings often indicate pricing, condition, or marketing issues that a strategic relaunch can address.

A property listing that was removed from the market before the listing agreement expired. Withdrawn listings may return to the market with a new strategy.

A property sold directly by the owner without a listing agent. FSBO sellers may still work with buyer agents and may use flat-fee MLS services to gain market exposure.

A cooperative database used by real estate professionals to share property listings. In the Las Vegas Valley, the MLS is operated by the Greater Las Vegas Association of REALTORS (GLVAR).

A neutral third-party process that holds funds and documents during a real estate transaction until all conditions of the sale are met. In Nevada, escrow is typically handled by a title company.

Insurance that protects the buyer and lender against defects in the property title. In Nevada, title insurance is issued by a licensed title company after a title search.

An estimate of a property's market value prepared by a Realtor using recent comparable sales, active listings, and pending sales in the same area. A CMA is not an appraisal.

A formal valuation of a property performed by a licensed appraiser. Lenders require appraisals to confirm that the purchase price reflects the property's market value.

A computer-generated estimate of a property's value using algorithms and public data. Zillow Zestimates and similar tools are AVMs. They are useful starting points but cannot assess condition, upgrades, or local market nuances.

The difference between a property's estimated market value and the total of all mortgage balances and other property obligations. Equity is not the same as selling proceeds, which also account for transaction expenses.

The amount a seller may receive after the sale price is reduced by mortgage payoff, commissions, closing costs, concessions, and other transaction expenses. Net proceeds are estimates and depend on the specific transaction.

A mortgage loan guaranteed by the U.S. Department of Veterans Affairs, available to eligible active-duty service members, veterans, and surviving spouses. VA loans offer benefits including zero down payment and no mortgage insurance.

A timeframe in a purchase agreement during which the buyer inspects the property, reviews documents, and can cancel the contract without penalty. In Nevada, due diligence timelines are negotiated as part of the purchase agreement.

A condition in a purchase contract that must be met for the sale to proceed. Common contingencies include financing, appraisal, and inspection contingencies. Contingencies protect buyers but can affect seller certainty.

An unincorporated area identified by the U.S. Census Bureau for statistical purposes. In the Las Vegas Valley, communities like Paradise, Winchester, Whitney, and Sunrise Manor are CDPs within unincorporated Clark County, not within the incorporated City of Las Vegas.

An organization that manages a community or subdivision, collecting dues and enforcing rules. Many Las Vegas Valley communities have HOAs that affect property use, fees, and resale.

Rules recorded against a property by a developer or HOA that govern what owners can and cannot do with the property. CC&Rs are binding and run with the land.

A tax-deferred exchange under Section 1031 of the Internal Revenue Code that allows an investor to defer capital gains taxes by reinvesting proceeds from an investment property into a like-kind property. Tax advice should be obtained from a qualified tax professional.

A legal filing under Nevada Revised Statutes Chapter 115 that protects a portion of a homeowner's equity from certain creditor claims. In Nevada, the homestead exemption protects up to $605,000 of equity in a primary residence as of 2024. A homestead declaration must be recorded with the Clark County Recorder to be effective.

A form of property co-ownership in Nevada where two or more owners hold equal shares. When one owner dies, their share automatically transfers to the surviving owner or owners without going through probate. Joint tenancy requires unity of time, title, interest, and possession.

A form of property co-ownership in Nevada where two or more owners hold undivided fractional interests. Unlike joint tenancy, there is no right of survivorship. When one tenant in common dies, their interest passes to their heirs or estate, not to the surviving co-owners.

A Nevada-specific form of property ownership available to married couples that combines community property treatment with survivorship rights. When one spouse dies, the surviving spouse receives the deceased spouse's community property interest without probate. This designation must be expressly stated on the deed under NRS 111.784.

A deed that transfers whatever interest the grantor has in a property without any warranties of title. In Nevada, quitclaim deeds are commonly used in divorce settlements, transfers between family members, and to clear title defects. The grantor makes no guarantee that the title is valid or free of liens.

A deed used in Nevada that transfers ownership with two implied warranties: the grantor has not previously conveyed the property to anyone else, and the property is free of any liens or encumbrances created by the grantor. Grant deeds provide more protection than quitclaim deeds but less than warranty deeds.

A deed allowed under Nevada Revised Statutes 111.665 through 111.6999 that allows a property owner to transfer real property to a designated beneficiary upon the owner's death without probate. The owner retains full control of the property during their lifetime and can revoke the deed at any time before death.

The security instrument commonly used in Nevada instead of a traditional mortgage. A deed of trust involves three parties: the borrower (trustor), the lender (beneficiary), and a neutral third party (trustee) who holds legal title until the loan is paid in full. If the borrower defaults, the trustee can conduct a nonjudicial foreclosure.

The Nevada Revised Statute that governs the disposition of community property in a divorce. Under NRS 125.150, the court must divide community property equally between spouses unless the court finds that an equal division would be inequitable. The statute also addresses the disposition of separate property, which is generally confirmed to the owning spouse.

The Nevada Revised Statute that defines community property. Under NRS 123.220, all property acquired after marriage by either spouse is presumed to be community property unless acquired by gift, inheritance, or other specific exceptions. Community property is owned equally by both spouses.

The Nevada Revised Statute that defines the respective interests of spouses in community property. Under NRS 123.225, each spouse has a present, undivided, and equal interest in community property, regardless of which spouse earned the income or whose name is on the title.

The Nevada Revised Statute that governs the management and control of community property in Nevada. Under NRS 123.230, either spouse has the right to manage and control community property, but certain transactions such as selling or encumbering real property require the consent of both spouses.

A report prepared by a Nevada title company that discloses the current state of a property's title, including recorded liens, encumbrances, easements, and ownership history. The preliminary title report is reviewed before issuing a title insurance policy and during escrow.

A good-faith deposit made by a buyer to demonstrate serious intent to purchase a property. In Nevada, earnest money is typically held in escrow by a title company and is applied toward the purchase price at closing. If the buyer cancels within the due diligence period, the earnest money is generally refundable.

A recorded notice that litigation affecting title to real property is pending. In Nevada, a lis pendens is often filed in divorce proceedings or partnership disputes involving real estate. It clouds the title and prevents the property from being sold or refinanced until the dispute is resolved or the lis pendens is released.

A legal action under Nevada law that allows co-owners of property to force the sale or physical division of jointly owned real estate when they cannot agree on its disposition. Partition actions are common in divorce, inheritance, and partnership disputes. The court may order a partition by sale if physical division is impractical.

A foreclosure process available in Nevada when a deed of trust includes a power of sale clause. The trustee conducts the foreclosure without court involvement by following statutory notice requirements under Nevada Revised Statutes Chapter 107. Nonjudicial foreclosure is generally faster than judicial foreclosure but provides no deficiency judgment in most cases.

A voluntary dispute resolution process in which a neutral third party helps spouses or co-owners negotiate an agreement. In Nevada divorce proceedings, mediation may be court-ordered to resolve property disputes including the disposition of the family home. Mediation is confidential and non-binding unless an agreement is reached.