Asset Management in Nevada means to oversee or direct actions taken to maintain real property on behalf of a client before or in preparation for sale of real property owned by the client pursuant to a foreclosure sale. Yeah, you got it. If you are doing ANY WORK FOR FINANCIAL INSTITUTIONS OR ORDER MILLS NV SB 314 APPLIES TO YOU!
The statute does not apply to a person or broker who has a current permit to engage in property management pursuant to Chapter 645 of the Nevada Revised Statutes (NRS). However, to be exempt the provisions concerning asset management services must be included in the property management agreement entered into pursuant to NRS 645.6056.
Therefore, if you are directing actions to preserve, restore or improve the value and to lessen the risk of damage to the property which is owned by a client pursuant to a foreclosure sale, you apparently are asset managing.
As an asset manager you are allowed to perform the following on foreclosed properties:
- Securing real property in foreclosure once it has been determined to be abandoned and all notice provisions required by law have been complied with; Providing maintenance for real property, including landscape and pool maintenance;
- Cleaning the interior or exterior of real property;
- Providing repair or improvements for real property;
- Removing trash and debris from real property and the surrounding property.
- Dispose of personal property abandoned on the premises of a residence in foreclosure or left on the premises after the
eviction of a homeowner or a tenant of a homeowner only in the following manner:
30 Days – You shall provide a safe storage of the property for 30 days. You are liable for your negligence
in storing the property.
Disposal – 14 days Notice. Prior to disposal you must notify the homeowner/tenant in writing of your intention
to dispose of the property and allow 14 days to elapse. It must be mailed to the homeowner/tenant at the present address of the homeowner/tenant and, if that address is unknown, then at the last known address. After the expiration of the 30-day period, you may dispose of the property.
- Vehicles must be disposed of in the manner provided in Chapter 487 of NRS for abandoned vehicles.
What am I not allowed to do?
As an asset manager you are not allowed to perform on foreclosed properties
- Evict a real property owner or a tenant of a real property owner until after the time during which the real property owner
may redeem the real property in foreclosure. - Perform any repair, maintenance or renovation on the real property in foreclosure.
The heart of this Article was taken from The Nevada Residential Real Property Law Blog. Our gratitude goes out to Darren Welsh, the author. He has a great Blog and is worth reading if you work in Nevada.
