Nevada Legislative Update

By
Real Estate Agent with Available Properties

Nevada Legislature only meets every two years so when they meet there is alot to do espessially with foreclosure crisis. Nevada has new bills passed for notification by financial officers and the employees of any abuse of the elderly AB87, Nevada is attempting to fight the new eminent domain law which ALLOWS the practice for economic devolpment without fair market value considered AB102, impact fees were addressed in several new bills,  rental properties were addressed in AB 195. All the problems with the manufactured homeowners in the Moblie parks were addressed with AB 216 and AB304. One bill was passed that requires all cities and counties in Nevada to adopt affordable housing into the Master Plan. The new AB440 is so broad with it's language I won't be surprised if Nevada dosen't see many lender's leaving our state. The way the Bill is worded if the person defaults on the loan it appears the lender has to prove they had no intent and everything better be in writing. There is Great News is Homestead Exemption was increased to $550,000 which became effetive Octobet 1, 2008. SB69 was passed and this concerns the Agency relationship between client and agent, the client is now able to pay a nominal fee to the agent and represent themselves throughout the sale of their home. SB141 Due to the shortage of funds for schools in Nevada transfer tax on Real Estate in certain counties will will increased and the proceeds from the increase must be placed in that counties school districts fund. SB154 allows transfers of real property to its owners if interest is the same amount as originally owned by the business enitiy. SB403 may actually allow GLVAR to get the Realtors a group health plan.

The most dangerous bill that was passed is SB437 this bill won't allow escrow to close on a home if it dosen't pass an energy consumption inspection. First there are NO trained inspectors for this procedure. The state wanted Realtors or Real Estate Agents to signoff Thank God for the representatives that put a stop to that, then we could all get sued. I am all for a greener planet but have a plan BEFORE implementing a bill that will have the homeowner going to more expense for the same product. Also the older homes just lost MORE value because you know most wont pass these "inspections" unless the owner puts "$$$$" towards improvements.

SB476 is in place now to protect us from the 1031 Southwest Exchange crooks of the world my those two men rest in hell. The current figure of their theft is at $200,000,000.00 and still climbing. The insurance for Exchange Companies used to be $50,000.00 it has been raised to $250,000.00. SB477 now requires time share salespersons to be licensed. SB519 addresses the abandoned properties issue.

If you would like to comment or contact the legislature http://www.leg.state.nv.us/general/feedbackmail.cfm

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