Nevada Revised Statutes 115.055 – Proceeds from sale of homestead only exempt from execution if reinvested in another property that is identified and taken possession of within certain periods
Notwithstanding any other provision of law, the proceeds of $605,000 from the sale of a homestead pursuant to subsection 2 or 3 of NRS 115.050 are only exempt from execution if:
Terms Used In Nevada Revised Statutes 115.055
- Homestead: means the property consisting of:
(a) A quantity of land, together with the dwelling house thereon and its appurtenances;
(b) A mobile home whether or not the underlying land is owned by the claimant; or
(c) A unit, whether real or personal property, existing pursuant to chapter 116 or 117 of NRS, with any appurtenant limited common elements and its interest in the common elements of the common-interest community, to be selected by both spouses, or either of them, or a single person claiming the homestead. See Nevada Revised Statutes 115.005
1. Such proceeds are reinvested in another property of like kind for which the declaration of a homestead will be made; and
2. The other property is:
(a) Identified not later than 45 days after the sale of the homestead; and
(b) Taken possession of not later than 180 days after the sale of the homestead.