RENO – Nevada homeowners fared well during the state’s 2015 legislative session that concluded this week, according to leaders of the Nevada Association of REALTORS®. “Besides helping Nevada families by increasing funds for education, legislators passed several laws that should help homeowners throughout our state,” said NVAR President Kevin Sigstad, a longtime local REALTOR® based in Reno.
Examples include:
· AB125 – One of the first major bills passed by the Legislature and signed into law by Nevada Gov. Brian Sandoval, this law was backed by the state’s home builders, contractors and others. It took effect Feb. 24. Sigstad said NVAR supported this law to create much-needed balance in the system for repairing construction defects.
He added this construction defect reform law should “expedite the growth and recovery of an area of the housing market that has been lagging – construction of new townhome and low-rise condominiums. This type of construction is particularly important for first-time and entry-level home buyers, and vital for the recovery of our local housing market. Construction of this type of attached housing has been a frequent target of often-frivolous construction defect litigation. AB125 will give homeowners the right to address and repair perceived construction defects and avoid costly litigation whenever possible.”
· AB201 – NVAR strongly supported this law to close legal loopholes and prevent controversial plans that would have allowed local governments to use their power of eminent domain to seize mortgages from distressed homeowners. This bill was signed into law by Gov. Sandoval and became effective on May 25, 2015.
· AB386 – NVAR supported this bill to help prevent problems caused by squatters. It gives law enforcement officials more tools to evict squatters who move into homes illegally, sometimes with fraudulent lease documents. AB386 creates a new criminal offense of housebreaking and is designed to get squatters out of homes more quickly. It is awaiting Sandoval’s signature.
· SB306 – This law addressed challenges created by a Nevada Supreme Court ruling and state laws that have allowed homeowner associations to extinguish first lien rights when HOAs foreclosure on homes in their communities. It was signed by Gov. Sandoval on May 27, with most sections of the new law taking effect Oct. 15, 2015.
· SJR13 – Senate Joint Resolution 13 proposes to amend the Nevada Constitution to limit certain property taxes and makes changes to property taxes and tax caps when properties change hands. It was approved by both houses of the Legislature late in the session. To become law, it would have to be approved again during the 2017 Legislature and by voters during the 2018 general election. Sigstad said these changes, if eventually approved, could benefit local homeowners.
About the NVAR
The Nevada Association of REALTORS® is a professional trade association with more than 14,000 members. NVAR is committed to protecting, promoting and preserving our communities. Visit www.NVAR.org.
