LandInvestors.com Forums **Ask A Question** Where to find laws on owner financing in Nevada

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    Travis K
    Participant
    Post count: 73

    Hi all,
    Have a potential buyer that would like to owner finance a property I own in Nevada, but have not yet completed one of these transactions. I’ve read the forums and listened to the podcasts and I know at the end of the day the answer for how to do it right is ‘look up the laws for the state in which you are doing the deal’.

    Have had a tough time finding these laws online for the state of Nevada. Have an appointment later today with a Nevada attorney from Legalzoom, but she specializes in Edtate planning and not creative real estate financing.

    So to the point, 2 questions:
    1. Could anyone put me in touch with a solid real estate attorney in Nevada you’ve worked with on OF?
    2. Does anyone have a good link to where I can go and read the laws myself?
    Bonus: If someone with land in Nevada has already been through this process and wouldnt mind sharing their experience over a private message, could we connect? Would love to hear from you.

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  • Milan
    Participant
    Post count: 523

    Travis, I am maybe not a right guy to listen in this matter. I tend to do things fast and recklessly, learning on the go without research and rolling with punches.

    I have 4 term deals in Nevada. They are all $250 monthly payments. I had two defaults that I successfully resold again. I use standard contract for deed package purchased on http://www.uslegalforms.com

    If you look at Landgeek community, they do a lot of terms in Nevada. And thy are notoriously known for their research aka they are all afraid and careful. So that’s all I need to see. They already did they research for you. If you see term deals advertised in your area, the research was most likely done for you. Again, that is me and it’s enough for me. We are all different though.

    Luke Smith
    Moderator
    Post count: 1263
    ProAdvanced

    Bought out a portfolio of many Nevada properties. The seller was an old land dealer. He says he spent over 100k on attorneys there over 20+ years. Over time he did everything by recording the land over at the same time as recording a deed of trust(mortgage). If the buyers walked he would ask them for a quit claim deed. He would pay them for it. Oftin 100$ or so. Or foreclose on them. He took back hundreds if not thousands of properties doing that. Talk about a mess looking up his deeds to buy him out. Everyone at the county(s) offices knew him.

    Travis K
    Participant
    Post count: 73
    Pro

    Hey guys. Thanks for the tips. Seems like there’s lots of different ways people are doing these contracts even within the same state for better or worse. I imagine it’s one of those things that’s complaint-driven as well. Milan, I actually saw some of the landgeek’s deeds and used them to help price my mailer.

    Luke, if that guy spent all that time and money on the attorneys, sounds like that’s probably the officially correct way to go. I talked to a guy a couple days ago who has 350 land contracts, many in Nevada, who said he rarely records land contracts unless there’s a significantly large down payment. Seems like everyone is trying to avoid the foreclosure process with the time, money, and hassle it entails. Sorry you had to do all that legwork. I can’t imagine parsing through all of that paperwork.

    I appreciate the advice gentlemen. I’ll make my best judgment and try to stay out of trouble.

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