Nevada Declaration — Universal Family Division is a Nevada-based document that is intended to facilitate the division of a family estate, including both tangible and intangible assets, in the event of a death or divorce. This document is designed to be used when family members are not able to agree on the division of the estate, and it allows them to make a legally binding agreement that is recognized by the state of Nevada. There are two types of Nevada Declaration — Universal Family Division: a simple version and an advanced version. The simple version is intended to be used in straightforward situations, where there are few assets to divide, and the advanced version is designed for more complex cases, where there may be multiple assets of varying values. Both versions include sections for the details of each asset, how it will be divided, and the names of all parties involved.
Nevada Declaration - Universal Family Division
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How to fill out Nevada Declaration - Universal Family Division?
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FAQ
Signatures/Seller (Grantor) and Buyer (Grantee). It has been determined that in addition to the seller and buyer any representative may sign the form. There must be one original signature on the form.
To be eligible for the homestead exemption, State law requires a person to declare a homestead and to record that declaration with the county recorder of the county in which the property is located. Under the provisions of NRS 247.305 and NRS 247.306, the fee for recording this single-page declaration is $14.
If you own a home, you should consider filing a homestead declaration with the County Recorder in your county. A homestead declaration protects your home from being seized and sold in the event that a money judgment is entered against you by a court.
Procedures for Recording Declaration of Homestead? Complete the Homestead Declaration form. The form must be printed legibly in black ink. Text cannot extend beyond the one-inch margins on all sides of the form. Sign in the presence of a Notary Public. Take the completed document to Clark County Recorder.
When making a transfer of property you must complete a Declaration of Value form. You may be required to pay Real Property Transfer Tax (RPTT). RPTT is calculated as $1.95 for each $500.00 of value or fraction thereof.
Prepare and Pay Real Property Transfer Tax - The transfer tax is calculated at the rate of $2.55 per $500 of value or a fraction thereof.
This form requires the signature area to be completed by at least one party to the document. It is preferred that both parties complete and sign the form as both Seller/Grantor and Buyer/Grantee are jointly and severally responsible for payment of the transfer tax.
If the property is being transferred from a direct blood relative to another, there is no tax charged. The same applies if it's being transferred from a joint tenant to another joint tenant. A transfer in divorce or death is also not taxed. In Nevada, either party or both involved in a home sale can pay the tax.
