Nevada Law Creates Tenant Notification In Foreclosure Sale
AB 140 created a process by which a tenant who is occupying a unit that is in foreclosure is notified of the pending actionin aforeclosure sale. Adopted by the Legislature and signed into law by the Governor, this measure:
• Revises the provisions relating to the notice of sale for tenant-occupied properties;
• Establishes the crime of defacing a notice of sale of real property pursuant to a trustee’s power of sale;
• Establishes rights and duties of a purchaser of real property pursuant to a foreclosure sale;
• Provides new rights and duties of a tenant in possession of a property at the time of a foreclosure proceeding; and
• Establishes additional disclosure requirements of landlords to prospective tenants for a property in foreclosure.
For UTA members, it is key to ensure that notices are posted in a timely manner as specified in the statute and that the notice to the tenant is in the form prescribed under law.
While passed last June, the bulk of the requirements contained in AB 140 went into effect on October 1st. So, hard data on the impact of the program is not yet known.
Read a copy of AB 140 as enrolled
Update written by Rocky Finseth, Carrara Nevada. Mr. Finseth is UTA’s Nevada Lobbyist. He can be reached at email@example.com.