Homeowners & HOAs Need to Know: The Nevada Senate Passes Bill to Amend ‘Super-Priority Lien’ Law
We promised to keep you up to date with the Super-Priority Lien Law and created this video series back in October to help you understand how it affects Nevada homeowners. Take a look at the latest coming out of the legislature and how this new bill will amend the law.
The Nevada State Senate passed a bill at the last minute just before the end its legislative session that revises the provisions of a law that allows homeowner’s associations (HOAs) to foreclose non-judicially on a residential home when the homeowner’s HOA dues become delinquent, according to the Nevada State Legislature.
Nevada Senate Bill 306, a bi-partisan bill sponsored by Nevada State Senators Aaron Ford (Democrat) and Scott Hammond (Republican) in March, was approved late last week just before the legislative session ended on Sunday. The bill was created in response to the controversy created by a ruling handed down by the Nevada State Supreme Court last September that gave HOAs authority to attach “super-priority lien” status to a mortgage, this allowing them to extinguish a mortgage on a home where the owner is delinquent on HOA dues without going through the courts. Keep reading…
Written by Nickel Lowman
With content quoted from DS News
For Dave Radcliffe, The Radcliffe Group
Keller Williams Realty Southwest