What are the typical documents signed to obtain a loan?

When confronted with buying property, it is often necessary to obtain a loan in order to complete your purchase. Although your lender will present you with many documents to sign, the only ones truly having any lasting importance are:

1. The Promissory Note (or Note Secured by Deed of Trust). This spells out how much you are borrowing and the terms of how you will repay such loan; and
2. The Deed of Trust. This document generally spells out your obligations to maintain and insure the property, but more importantly sets forth the lender’s foreclosure rights should you fail to make payments.

Contact me for assistance in reviewing and helping you through all aspects of your purchase and loan transactions.

Commercial Tenants – Doing a Lockout Without Having to go to Court

Landlords have long been frustrated with the service of pay or quit notices upon tenants, only to have the rent paid late, the incurrence of uncollectable legal fees, late charges and court costs, and even either the outright denial of eviction or the allowance of additional time for the commercial tenant to move out.

To address some of these concerns and, more importantly, get the tenant’s attention, during 2011 the Nevada Legislature enacted Chapter 118C to the Nevada Revised Statutes. The most significant remedy afforded by this new law is contained within NRS 118C.200(3)(c), which enables a landlord to change the locks, and put the tenant out without any need whatsoever to go to Court, obtain any Court Order or employ the Sheriff or Constable. The law requires the tenant to then pay the landlord whatever is owed within five days thereafter, in order to obtain new keys and get back into the property.

If you are a landlord who desires to utilize this remedy, or possibly a commercial tenant seeking to be restored to possession, contact us to guide you through this relatively new process.