Nevada Revised Statutes 111.311 – Conveyance of real property pursuant to agreement for deed in lieu of foreclosure must be recorded by deed; civil liability for failure to record deed
1. After the conveyance of real property pursuant to an agreement for a deed in lieu of a foreclosure sale, the grantee shall, within 30 days after the date of the conveyance, record the conveyance by recording a deed in the office of the county recorder of the county in which the property is located.
Terms Used In Nevada Revised Statutes 111.311
- Conveyance: shall be construed to embrace every instrument in writing, except a last will and testament, whatever may be its form, and by whatever name it may be known in law, by which any estate or interest in lands is created, aliened, assigned or surrendered. See Nevada Revised Statutes 111.010
- county: includes Carson City. See Nevada Revised Statutes 0.033
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Grantor: The person who establishes a trust and places property into it.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
2. If the grantee fails to record a deed pursuant to subsection 1, the grantee is liable in a civil action:
(a) To a grantor of the deed in lieu of foreclosure or any party that is a senior lienholder against the property that is the subject of the sale in a sum of up to $500 and for reasonable attorney’s fees and the costs of bringing the action; and
(b) For any actual damages caused by the failure to comply with the provisions of subsection 1 and for reasonable attorney’s fees and the costs of bringing the action.