Disclaimer: This article is for informational purposes only and does not constitute legal advice. Consult a qualified attorney to discuss your specific situation.
Detailed Answer
In Nevada, paying a mortgage on a property does not automatically give you any legal or equitable ownership interest unless you hold title or you have a written agreement stating otherwise. Nevada law requires that any agreement granting an interest in real property be evidenced by a signed, written document under the Statute of Frauds.
1. Title vs. Mortgage Payments
The deed determines legal ownership. If your name is not on the deed, you are not a record owner. Mortgage payments alone do not transfer title. You remain a lender, not an owner.
2. Statute of Frauds (NRS 111.020)
Nevada’s Statute of Frauds requires contracts conveying an interest in real property to be in writing and signed by the party to be charged. Under NRS 111.020, any promise to transfer title, create a trust, or convey an interest in land must be in a written agreement. A verbal or informal understanding—even if you make all mortgage payments—typically fails to satisfy this requirement.
3. Equitable Remedies
In exceptional cases, Nevada courts may impose a constructive trust or recognize a resulting trust to prevent unjust enrichment. This usually requires clear proof that the titleholder agreed to grant you an interest and then reneged. However, these equitable remedies arise sparingly and rely on case law rather than statute.
4. Joint Tenancy and Tenancy in Common
If you and another person wish to own property together, you can hold title as joint tenants or tenants in common. Under NRS 111.010, tenants in common each own a distinct share that can pass to heirs. A recorded deed must reflect this arrangement.
5. Protecting Your Interest
To secure any ownership or repayment right, obtain a signed, written agreement—either a deed, a land contract, or a declaration of trust—before making payments. Record the document at the county recorder’s office under NRS 111.325 to protect yourself against subsequent buyers or lenders.
Helpful Hints
- Always get a written, recorded agreement if you expect ownership or repayment rights.
- Check the county recorder’s records to confirm who holds title.
- Consult a real estate attorney before you start making mortgage payments on a property you don’t own.
- Understand that verbal promises about property interests rarely hold up in Nevada courts.
- Consider title insurance or a mechanic’s lien if you improve the property and need additional protection.