Jim Valentine on Real Estate
No matter where you are moving from, you are now in Nevada. Nevada laws may be different than those where you are coming from. Don’t assume it is the same as what you are used to, you might find yourself with an unanticipated problem.
Some states don’t allow property to be landlocked, but in Nevada if you are landlocked you can’t get there from here without securing a legal access which isn’t guaranteed. Some states’ laws provide that the owner of the property you have to traverse must grant you access if you pay market value. Not Nevada. Be sure you have legal access to get to your property. Read every document to be sure.
Water in Nevada is considered real property. You can do a 1031 tax-deferred exchange involving water if you own water rights. Understand that you own the right to the water, not the water itself. All water in Nevada is owned by the state. You must have a right to water to use it. Just because you live next to a lake or a river doesn’t mean you can take the water for your use. Those are called riparian rights and we don’t have those in Nevada. You can’t just take water without a right to use it even if it crosses your property.
Underground water rights can also be mystifying to newcomers. In some states if you drill and find water you can pump it and use it. Not so in Nevada. You must have the right to use it and you are limited in what you pump by the extent of your water rights. If you buy property with water, water rights, or need water, be sure you understand what you are buying and what the market is. Water rights can be obtained for a nominal cost or be very expensive depending on the type and location of the water right involved.
Real estate in Nevada is conducted to a high standard. From the standards of practice, protection of buyers and sellers, disclosure, ethics and values, agents in Nevada are generally among the best in the nation. There is a noticeable difference, however, in how we go to work. Instead of sedans you will see many agents driving SUVs or pickups. It’s hard to show rural property in a sedan if you are in four-wheel-drive conditions. It also makes sense to wear jeans if you will be walking through the sagebrush showing property. As such, three-piece suits are generally for appearing before the Legislature, or some other fancy situation an agent might find himself involved with.
No trespassing notices in Nevada don’t require a sign if the fenceposts are properly marked. Place a sign somewhere on the property then an orange paint marking on a fencepost at least every 700 feet will be considered notice given that there is no trespassing allowed on that property. If you see orange-tipped sign posts understand that you are not allowed to enter that property.
As the maxim goes, “When in Rome do as the Romans do.” When dealing with Nevada real estate, be sure to do it the Nevada way. Ask questions to confirm your assumptions or understandings. Even if you think you know the answer, ask the question to be sure. Your agent can then help you confirm your footing as you go forward. Those discussions will either confirm your position or allow you to not make a mistake. Either way, your agent’s professionalism will help you if you are candid and curious. If you are from the eastern U.S., you’ll be happy to know that you don’t have to physically sit at the “closing table” with the seller. The close of escrow can be conducted in its entirety long distance. Another benefit of moving to Nevada: simplicity and function over form. Also known as “common sense.”
This is the beginning of your experience of living here. It is what makes Nevada special and a wonderful place to live.
When it comes to choosing professionals to assist you with your Real Estate needs… Experience is Priceless! Jim Valentine, RE/MAX Realty Affiliates, 775-781-3704. dpwtigers@hotmail.com