How to Find out if the House You are Renting is in Foreclosure – New Laws Impact Tenant Rights

Nevada AB140 represents landmark changes in the area of foreclosure and tenants rights.  Effective October 1, 2009, the bill amends NRS 118A to require a landlord to disclose, in writing, to a prospective tenant if the property is subject to foreclosure proceedings. A willful violation is a deceptive trade practice punishable by a civil fine of $5,000 and/or criminal sanctions for a misdemeanor (first offense), gross misdemeanor  (second offense) or felony ( third offense) pursuant to NRS 598.0999.

The information about a property’s foreclosure status is readily available. You can get this information from:

1. The Clark County Recorder’s office. They record documents pertaining to real estate in Clark county and the notice of default along with other foreclosure related documents are public record.  There are a couple of steps to track down the correct information:

• First you will need to find the parcel number of the property.  Go to the Clark County Assessor site.  In the upper left hand corner select “Record Searches”.  Now you can select Owner name or Address to get the Public record and Parcel number.  Write down the Parcel number – you will need it for the next step.
  

• Now go to the Clark County Recorder site.  Click on Search Records:

• Next Select Parcel # from the left side bar and enter in the parcel number of the property.  You can choose to see all documents recorded on the property or choose document types and /or category.
  

2. OPTION 2: RentalForeclosure.com This site checks whether  a property is in default status in 3 easy  steps – Select state, county, city and enter address info

Here are some additional resources regarding tenant/renters rights

NEW protections for Renters – Federal Legislation: A new law passed by Congress and signed by President Obama provides protections for tenants whose landlords fall into foreclosure. Under the Helping Families Save their Home Act S.896RenterProtections, tenants have the right to stay in their homes after foreclosure for 90 days or through the term of their lease. The bill also provides similar protections to housing voucher holders. The protections go into effect immediately and expire at the end of 2012.  Download the bill – S.896Final

Download Nevada Assembly Bill 140  AB140_EN

Related posts:

1. Will The Foreclosure Moratorium Impact Las Vegas Short Sales?
2. Nevada Foreclosure Mediation Program Information and Help
3. Fannie Mae’s New Rules Could Impact Las Vegas Short Sales