Nevada Real Estate

Which is better - NAR data or Case-Schiller?

Sometimes bigger really is better: especially when it comes to the garage. While larger than life living spaces are quickly losing ground, the trend toward expanding garage space shows no signs of slowing. Savvy investors searching for Connecticut new homes would do well to invest in an over-sized garage as one sure way to protect real estate value.

Here are the top reasons this trend is likely to continue far into the future:

1. Multiple Vehicle Households. The days of "his:" and "her" cars are long gone. Today’s vehicles consist of "his", "hers" and "ours" with teenage drivers, ATVs, motorcycles and other vehicles all competing for space and security.

2. More "Stuff." Storage units have become common place across the nation in an effort to store everything that does fit in the closet, attic or basement. Areas like Florida that lack substantial attic space or build on slab construction often have even more limited storage areas.

3. Hobbies. As extra bedrooms are turned into home office space, hobbies are increasingly relocated to the garage. Dusty or dirty hobbies like woodworking or car restoration are often the domain of the garage.

When searching for Connecticut homes for sale pay special attention to "other" square footage which commonly includes areas like the garage or porch. Not only is it taxed at a slightly lower rate in most areas, but it is the most eagerly sought after form of square footage on the market!

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Can I save money by purchasing an unfinished home?

Nevada new homes experienced some of the most rapid growth and appreciation in the nation over the past few years but as the economy slowed and mortgage lenders tightened requirements, some communities have experienced a surplus of unfinished homes.

First time home-buyers, investors and others interested in purchasing Nevada real estate can save tens of thousands of dollars in the purchase of Nevada new homes if they know and understand the risk. Here is what you need to know about buying an unfinished home.

1. Work with an Agent. An experienced real estate agent can help locate unfinished homes as they come on the market while navigating the complex maze of real estate contracts associated with unfinished homes.

2. Financing is different. In most cases, unfinished homes are not eligible for a mortgage since they usually have not reached a stage where the certificate of occupancy was issued. Until that time it is necessary to finish the work required to obtain the certificate of occupancy and then mortgage. Depending upon the condition of the home and other requirements, it may be possible to obtain a construction loan in order to complete the building portion. Other possible financing options include using a home equity line of credit, second mortgage or other funding sources.

3. Check Permits and Building Codes. It is important to verify that building codes haven't changed especially if any permits were allowed to expire before work was completed. New permits, building codes and other structural changes will need to be brought up to date for work to continue.

4. Obtain Insurance Quotes. Call your insurance broker before purchasing the property. Liability insurance is essential with unfinished property but it is also important to insure the structure. Verify that there aren’t any pending claims against the property.

5. Liens. Unfinished homes may be subject to liens from sub-contractors to building suppliers or even back taxes. Be sure to obtain title insurance and understand all obligations you will assume should you decide to purchase the property.

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What should I know about real estate contracts?

Real estate contracts are simply a part of doing business whenever buying, selling or exchanging Nevada real estate. Depending upon prior experience in negotiating a real estate contract, it is a good idea to use the services of a reputable agent, attorney and tax adviser. Here are some other helpful tips when it comes to real estate contracts.

1. Caution is Advised! With the proliferation of online or "off the shelf" real estate contracts many people are tempted to save money by using a “generic” form. Unfortunately, real estate contracts differ from state to state; what is allowed in one state is often not in another. The money you save might later go toward attorney fees should you inadvertently make a mistake.

2. Read & Review. Always read and review any real estate contract in full prior to signing. If there is something you do not understand don't hesitate to ask for clarification or more time to have an attorney or other knowledgeable expert review the contract on your behalf. One of the benefits of working with a real estate agent when purchasing Nevada homes for sale is their expertise in Nevada real estate transactions.

3. Signatures. During the negotiation process it is common to have several signatures, initials and modifications. Never leave the spaces blank and always date anything you sign. If a document becomes difficult to read, insist upon a new one being created in order to avoid errors.

4. Time is of the Essence. Most real estate contracts will have definitive time lines by which certain things must take place. Be sure to pay attention to dates and times or request a written addendum to the existing contract if additional time is required.

5. Standard Forms. If you are familiar with the exact type of contract required and have experience in dealing with real estate negotiations then many states supply standard real estate forms that can be purchased for just a few dollars at most office supply stores. This is a good way to save money if you know and understand the limitations and risks.

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What do I need to know about title insurance in Nevada? Can my broker force me to use a specific title insurer?

Title insurance is a prudent move when purchasing Nevada real estate but few people truly understand what title insurance is much less how to shop for a title insurance policy. Use these tips to obtain the coverage you need at the best price possible when purchasing Nevada homes for sale.

1. New Homes Need Title Insurance. Many people mistakenly believe they don't require title insurance on their new Nevada homes but nothing could be further from the truth. Home builders frequently use contractors, purchase raw land and other contractual obligations that could potentially encumber title to the property.

2. Shop Around. Although many brokers or real estate agents recommend a particular title insurance agency or provider, it is against Nevada law for anyone to require you to use a specific provider. Many new homes buyers are surprised to learn they can save hundreds of dollars on the cost of title insurance simply by making a few phone calls. You can obtain title insurance from any provider licensed by the state of Nevada.

To verify a provider is authorized by Nevada visit www.insurancealert.com or call Toll Free in Nevada (888) 467-4195.

3. Satisfaction. Check with friends, family and your trusted Realtor about their experience with a specific title company prior to deciding to purchase a policy. Remember, like any insurance policy, title insurance is only as good as the company providing coverage. Should you need to file a claim it is more important the company provide the assistance which you are paying for rather than saving a few hundred dollars.

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Where can I go for help when buying or selling real estate in Nevada?

Typically when using the services of a reputable real estate agent, most people find the purchase of Nevada real estate to be a smooth and enjoyable process. Unfortunately, there are times when problems arise when buying or selling a new Nevada home or pre-existing Nevada real estate. Here is a list of resources should the need arise for more information, intervention or simply as a measure of prevention.

For questions or problems with title insurers or title agents, contact the Nevada Division of Insurance at (800) 992-0900, the Carson City Office at (775) 687-4270, or the Las Vegas Office at (702) 486-4009 or visit the Nevada Division of Insurance website at http://doi.state.nv.us.

For questions or problems with mortgage lenders or escrow companies licensed in Nevada contact the Nevada Division of Mortgage Lending at (702) 486-0780, or visit the website at http://mld.state.nv.us.

For questions or problems with Nevada real estate agents or licensed brokers licensed contact the Nevada Real Estate Division at (702) 486-4033 or online at http://red.state.nv.us.

For information on title insurance and title agents, contact the American Land Title Association at (800) 787-ALTA or online at http://www.alta.org.

For information on buying or selling Nevada real estate including foreclosures, contact the U.S. Department of Housing and Urban Development (HUD) at (202) 708-1112 or online at http://www.hud.gov for information regarding the federal Real Estate Settlement Procedures Act (RESPA).

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What are my rights and responsibilities when purchasing CIC property in Nevada?

Common Interest Communities (CIC's) are popular choices when it comes to purchasing Nevada real estate but there are a few things to consider prior to making the final decision to purchase a home in a CIC. Protect your rights and make sure the home you purchase is the best fit by using this helpful educational checklist.

1. Know Your Rights. Nevada law allows CIC buyers five days to change their mind and cancel the purchase agreement. Depending upon the type of CIC offering the exact specifications differ but all require a written cancellation notification to be delivered either by hand or confirmed mail. Never feel pressured to sign a purchase agreement until you are comfortable with all the details but should you later regret the decision then exercise your five day cancellation rights.

2. Know Your Responsibilities. When purchasing a CIC property in Nevada you will be presented with the Declaration of Covenants, Conditions and Restrictions document. This is a binding contract that becomes a permanent part of the title to the property so read it carefully. The CC&R's will often limit the way you use the property as well as other conditions that are permanently binding on you and future owners.

3. Know Your Fees. Owner’s fees and Homeowners Associations fees will be a permanent expense to cover your share of common community features. These fees will be ongoing even if you disagree with the way the money is being spent. Fees are also subject to increases or large special assessments. Failure to pay fees can result in a lien being placed on the property or even the potential loss of your home.

If you have more questions or concerns about your rights or responsibilities when purchasing Nevada real estate in Common-Interest-Communities then contact the State of Nevada Business and Industry Real Estate Division at: 702-486-4480 or Toll Free at 1-877-829-9907.

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Where can I obtain help if I have a problem with Nevada real estate?

The Nevada Real Estate Division passed the Alternative Dispute Resolution (ADR) program at the end of 2006 in order to provide a means for parties to avoid court and civil litigation. To encourage parties to participate in binding arbitration in the event of a dispute, the ADR program is authorized to assist in paying the cost of up to 50% or $500 toward the cost of arbitration.

Although still relatively new, the ADR is a worthwhile alternative for those seeking legal remedy to disputes and other claims that may arise during the course or purchasing Nevada real estate. Here are a few tips to keep in mind about the ADR program:

1. Understand Binding Arbitration. When you agree to binding arbitration you give up your right to take the same complaint to court at a later date and instead, agree to the terms outlined during the arbitration agreement. Both parties must agree or else the case isn't eligible for subsidy.

2. Apply. In order to apply for ADR subsidy or assistance you must apply. Individuals and associations are eligible but there is a limit of one per fiscal year. Associations must be in good standing in order to apply for assistance.

3. Comply. Once you apply for subsidy and agree to binding arbitration then you must also agree to the terms and other rules established from that point forward. A Nevada ADR staff will be assigned to your case in order to answer any further questions or concerns.

To learn more about the Nevada ADR or request an application for subsidy assistance call 877.829.9907.

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