LegalFix
Sign In

NRS 107.055 - Amount must be stated in instrument.

NV Rev Stat § 107.055 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

If a party to a deed of trust, executed after July 1, 1971, desires to charge an assumption fee for a change in parties, the amount of such charge must be clearly set forth in the deed of trust at the time of execution. Without limiting or prohibiting any other method by which the amount of the charge may be clearly set forth in the deed of trust, the charge may be set forth as:

1. A fixed sum;

2. A percentage of the amount secured by the deed of trust and remaining unpaid at the time of assumption; or

3. The lesser of, the greater of or some combination of the amounts determined by subsections 1 and 2.

(Added to NRS by 1971, 314; A 2013, 1015)

Previous Section
NRS 107.050 - Parties may enter into different or additional covenants.
Next Section
NRS 107.070 - Recording of assignments of beneficial interests and instruments subordinating or waiving priority of deeds of trust.