Community Property: Property acquired by husband and wife, or either during marriage, other than by gift, bequest, devise, descent, or as the separate property of either is presumed community property. Requires signatures of both spouses to convey or encumber property. Each spouse holds an undivided 1/2 interest in the estate and cannot partition the property by selling his or her interest. However, each spouse may devise (will) 1/2 of the community property. Upon death the estate of the decedent must be "cleared" through probate, affidavit or adjudication. Both halves of the community property are entitled to a "stepped up" tax basis as of the date of death.
Joint Tenancy: Joint and equal interests in land owned by two or more individuals created under a single instrument with right of survivorship. Example: John Doe and Mary Doe, husband and wife, as joint tenants
Tenancy in Common
Tenancy in Common: Under tenancy in common, the co-owners own undivided interests; but unlike joint tenancy, these interests need not be equal in quantity and may arise at different times. There is no right of survivorship; each tenant owns an interest, which on his or her death vests in his or her heirs or devisee. Each owner has a separate and distinct interest, which must be shown on the deed of acquisition. Each owner may deal with their interest without the consent of the other co-tenants. Example: John Doe, a single man, as to an undivided 3/4 interests, and George Smith, a single man, as to an undivided 1/4 interest, as tenants in common
Community Property with Right of Survivorship
Community Property with Right of Survivorship: Community property of husband and wife, when expressly declared shall upon the death of one of the spouses, pass to the survivor, without administration, subject to the same procedures as property held in joint tenancy. Requires signatures of both spouses to convey or encumber property. Each spouse holds an undivided 1/2 interest in the estate and cannot partition the property by selling his or her interest. Estate passes to surviving spouse outside of probate, no court action required to "clear" title upon first death. Both halves of the community property are entitled to a "stepped up" tax basis as of the date of death. Example: John Doe and Mary Doe, husband and wife, as community property with right of survivorship
A manufactured home is considered by definition
ARE MANUFACTURED HOMES CONSIDERED TO BE REAL OR PERSONAL PROPERTY? A manufactured home is considered by definition to be personal property. If a factory-built dwelling is converted to real estate it is no longer considered to be a manufactured home; therefore, it is no longer personal property. Manufactured home owners who own both the home and the land on which it is located may be eligible to convert their manufactured home into real property.
Buying or selling a vehicle
Buying or selling a vehicle is not quite as simple as finding the right car or buyer; both transactions involve paperwork. The paperwork isn't just busy work, however-it can protect both the buyer and seller, and it will be required in your dealings with the Nevada Department of Motor Vehicles (DMV)
Selling a Vehicle
Selling a Vehicle First of all, if you sell more than three vehicles in a year, you're technically considered a dealer and will need to be licensed by the DMV to do business. Private-Party Sales You should give the buyer a properly signed-off title. You'll need to request a duplicate if you don't have one. Apply to the state that issued the existing title. The only time you won't need to obtain a duplicate title is if the vehicle was titled in Nevada, is older than nine years, and has no liens. In that case, the buyer can submit an Application for Duplicate Nevada Certificate of Title and a Bill of Sale to obtain the title on his or her own. When signing over the title, you'll need all owners to sign the document if the names are listed with the word "and." If they're listed with "or," only one needs to sign.
Buying a Vehicle From a Private Party
Buying a Vehicle From a Private Party When you buy a vehicle from a private party, be sure to get a signed-off title. You won't be able to register the vehicle without one. In most cases, the existing owner of record will need to apply for a duplicate if the original is not in his or her possession, but you may apply for the duplicate if the car is titled in Nevada, is older than nine years, and has no liens. Simply fill out the Application for Duplicate Nevada Certificate of Title and a Bill of Sale and bring it in to your local full-service DMV office. To complete the Bill of Sale, both the seller and the buyer should sign off in the appropriate section. If you need to keep a copy (because there is no title), complete two forms so you each have an original. The seller should also remove the license plates from the car and keep them. Salvage titles: Do not purchase a vehicle that has an orange salvage title. It's illegal to sell salvage vehicles to private purchasers.
Registration Issues The seller must provide a title to the buyer, but the vehicle registration doesn't have to be shown at the time of the sale. However, if the vehicle has never been titled or registered in Nevada, the buyer will need to have a vehicle identification number (VIN) inspection. You may do so at a DMV office. Alternatively, you can have a police officer conduct the inspection and then complete the VIN form. Although the seller doesn't need to show the registration, producing it may facilitate the sale. Seeing the registration may allow the buyer to verify that the tags are legitimate, and that the vehicle has passed recent emissions testing. It might give the buyer some extra peace of mind.