Wednesday, January 2, 2008

Its January … Are There Any New Laws Affecting Nevada Real Estate?

Though the Nevada Legislature meets every other year, the results of the last legislative session take effect over an extended period depending on the complexity of implementing the new law. Several new, or changed, laws that impact real estate took effect on January 1, 2008.

Pest Inspectors in Nevada can now be denied a license, or have their license revoked, if the licensee “Has been convicted of, or entered a plea of guilty or nolo contendere to, a felony or any crime involving moral turpitude, in any court of competent jurisdiction in the United States or any other country.” Moral turpitude? Precise definition is difficult, but generally means crimes with an intent element demonstrating moral laxity, bad character, or violence, and conduct that is inherently base, vile, or depraved, and contrary to the accepted rules of morality, and the duties between persons or to society in general.

Additionally, a complete set of fingerprints and written permission authorizing them to be reviewed by the FBI must be submitted with a Pest Inspection license application. One more subtle, but significant change – one must be licensed to “alter” a report as well as prepare one. It seems logical … if the property has been cleared only a pest licensee should be able to confirm that and change a report.

Some real estate related tax law has protective changes including:

(a) Exemptions are now allowed for property owned by the Archaeological Conservancy if it meets certain criteria (NRS 361.111.1).
(b) Lodges and other benevolent or charitable organizations personal property are no longer limited to $5,000 maximum exemption.,
(c) An initial claim for a tax exemption on real property acquired after June 15 and before July 1 must be filed on or before July 5th .,
d. Many changes for common interest community properties – see 361.233.1 for details.,
(e) A county assessor may, by… electronic means or any other means the assessor deems appropriate, disseminate information to the public concerning the taxation of property, including… information relating to the valuation and assessment of property, exemptions from taxation, the declaration of a homestead and programs for the assistance of senior citizens. 2. …information… must…be in a form that is easily understood and readily accessible to the public.

Nontraditional mortgage loan products are now defined as:

(a) A residential loan agreement whose terms allow a borrower to defer repayment of principal or payment of interest on the loan for a period.
(b) Includes, without limitation: (1) An interest-only loan; and (2) A payment option adjustable-rate mortgage.
(c) Does not include: (1) A home equity line of credit other than a simultaneous second-lien home equity line of credit; or (2) A reverse mortgage.

Our Advice: Monitor law and ordinance changes and how they can affect you. New water law is having a dramatic financial impact on property owners in other counties. The cost to the property owners is in the millions of dollars. A reasonable change in the water law is the restriction of 2 acre feet of annual use by residential well users instead of no more than 1,800 gallons per day, the previous legal restriction. Good to know during times of the year when more water is needed.

We highly suggest that you monitor bills during the Legislative session. They can directly impact you without your input if you aren’t paying attention.

Experience is Priceless! Lisa Wetzel & Jim Valentine, RE/MAX Realty Affiliates, or , email us at 775-781-5472 or toll free at 800-814-8799 ext #254.

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