Nevada Revised Statutes 645H.140 – ‘Residence in foreclosure’ defined
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‘Residence in foreclosure‘ means any residential real property consisting of:
Terms Used In Nevada Revised Statutes 645H.140
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
1. Not more than four family dwelling units, one of which the homeowner or a tenant of the homeowner occupies as his or her principal place of residence; or
2. A single-family residential unit, including, without limitation, a condominium, townhouse or home within a subdivision, if the unit is sold, leased or otherwise conveyed unit by unit, regardless of whether the unit is part of a larger building or parcel that consists of more than four units, against which there is an outstanding notice of the pendency of an action for foreclosure recorded pursuant to NRS 14.010 or notice of default and election to sell recorded pursuant to NRS 107.080.