Nevada Revised Statutes 645F.340 – ‘Foreclosure reconveyance’ defined
1. ’Foreclosure reconveyance’ means a transaction that involves:
Terms Used In Nevada Revised Statutes 645F.340
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
(a) The transfer of title to a residence in foreclosure by a homeowner during a foreclosure proceeding by:
(1) The transfer of an interest in the residence in foreclosure from the homeowner; or
(2) The creation of a mortgage or other lien during the foreclosure process that allows the acquirer to obtain title to the residence in foreclosure by redeeming the property as a junior lien holder; and
(b) The subsequent conveyance, or promise of a subsequent conveyance, of an interest in the residence to the former homeowner by the acquirer, or a person acting in concert with the acquirer, that allows the former homeowner to remain in possession of the residence following the completion of the foreclosure proceeding.
2. As used in this section, ‘interest in the residence’ includes, without limitation, an interest in a contract for a deed, a purchase agreement, and an option to purchase or lease.