Current Nevada Law: Subject to Verification
A deed is used in connection with ownership interests in real property; loan documents establish financing obligations and the lender's security interest. If ownership rights are disputed during a divorce or separation, have a Nevada attorney review the situation. Lisa will not determine ownership from a screenshot.
One of the reasons real estate becomes confusing during divorce and breakups is that people use one phrase, “I'm on the house,” to describe several completely different things.
You can be connected to ownership.
You can be connected to financing.
Those are not automatically the same.
A deed is used in connection with ownership interests in real property.
Loan documents establish financing obligations and the lender's security interest.
So if your name appears on the deed but not the mortgage loan, you should not make assumptions about either your ownership rights or financial obligations based on a mortgage statement alone.
Review the actual documents.
“You're not on the mortgage, so you don't get anything”
This becomes especially important when someone says:
“You're not on the mortgage, so you don't get anything.”
That conclusion is far too simplistic.
“I'm not on the loan, so none of this debt matters”
It can also become important when someone thinks:
“I'm not on the loan, so none of this debt matters to me.”
Again, don't guess.
If you're divorcing or separating and ownership rights are disputed, have a Nevada attorney review the situation.
Lisa is not going to determine ownership from a screenshot somebody texts her.
If the owners decide to sell
If the owners ultimately decide to sell, title/escrow professionals will examine the documentation necessary for the transaction and determine what is required to transfer the property.
Lisa can help with the market side:
- What is the house worth?
- How should it be prepared?
- What might selling produce?
- How long might the current market take?
Important
Property DNA can also provide another layer of available property information as a starting research tool, but it is not a substitute for a formal title search, title insurance or legal opinion. See What Property DNA Does and Does Not Do.
Stop using “on the house” like it answers everything
The important thing is to stop using “on the house” as though it answers everything.
Get the documents.
Understand ownership.
Understand the loan.
Then make the real-estate decision.
Important
The reverse situation, name on the loan but not the deed, is covered in On the Mortgage but Not the Deed. For ownership disputes after divorce, the existing Ex-Spouse Still on the Deed guide explains why the divorce decree, deed and mortgage are separate documents.
