Nevada HOA Law Update - Understanding the Super-Priority Lien
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Don't miss out on the latest issues impacting the Super-Priority Lien.
For more than three years Nevada's residential real estate market and court systems have been entangled in high-profile litigation regarding a provision of Nevada law giving homeowners' associations a super-priority lien. Factors contributing to this conflict include expansive growth in Nevada's residential real estate market, the subsequent economic recession, and ambiguous governing laws. This issue continues to significantly impact lenders, mortgage servicers, real estate investors, homeowners' associations, homeowners, and Nevada residents, among others. Currently, there are estimated to be 1,500 active cases in all levels of the state and federal court systems. Receive an overview of this complex and hotly contested litigation, its impact upon the numerous stakeholders, the ultimate legal issues involved, and what a final resolution might look like.
AuthorsRobin E. Perkins, Snell & Wilmer L.L.P.
Overview and History of Nevada's HOA Super-Priority Lien
• The Uniform Common Interest Ownership Act (UCIOA)
• Nevada Revised Statute (NRS) 116.316 et seq.
• What Brought About This Litigation
• Early Claims and Theories
• Nevada Supreme Court Decision in SFR v. U.S. Bank
• Constitutional Arguments
Senate Bill (SB) 306 Revises NRS 116.3116 et seq. and Mandates Notice to Lenders
• Overview of SB 306
• Result and Impact of SB 306
Federal Housing Finance Agency's Involvement in Nevada's Super-Priority Lien Litigation
• Why Is the FHFA Involved?
• Housing and Economic Recovery Act (HERA)
• Success and Status of HERA Litigation
What's Ahead in This Litigation?
• Recent Nevada Supreme Court Decisions
• Ninth Circuit Appeals
Homeowners' and Condominium Associations
• Drafting CC&Rs
• Bylaws/Rules and Regulations/Articles
• Operating Budgets
• Monthly Dues and Assessments
Public Policy Concerns, How Does This Impact Nevada?
• Potentially Limit Residential Real Estate Lending
• Increase Interest Rates and Fees, and Limit Qualified Borrowers
• Slow the Real Estate Market and Limit Ability for Citizens to Buy and Sell Homes