In Nevada, a trustee cannot sell a home until at least three months after the Notice of Default is recorded, and an owner living in the home can usually cure the default until five days before the sale. Rules like these decide what you can tell a client about a distressed property, so the words need to be exact.
Below are 33 terms in alphabetical order, each defined in plain English with the Nevada statute that applies. Start with the deadline table if you only need the clock.
Quick reference: Nevada foreclosure deadlines
| Step | Nevada rule | Statute |
|---|---|---|
| Cure window, most deeds of trust | The default must go uncured for 35 days after the NOD is recorded and mailed | NRS 107.080 |
| Cure window, owner-occupied residential | Runs until 5 days before the sale | NRS 107.0805 |
| Earliest Notice of Sale | At least 3 months after the NOD is recorded | NRS 107.080 |
| Mediation decision, owner-occupied | Petition the district court or waive within 30 days after service of the NOD | NRS 107.086 |
| NOD posted on the property, residential | At least 100 days before the sale | NRS 107.087 |
| Notice of Sale publicity | Posted in a public place for 20 days and published once a week for 3 weeks | NRS 107.080 |
| NOS posted on the property and tenant notice, residential | At least 15 days before the sale | NRS 107.087 |
| Sale hours | Between 9 a.m. and 5 p.m. | NRS 107.081 |
| Oral postponements | New notice required after 3 | NRS 107.082 |
| Trustee's deed | Recorded within 30 days, or delivered within 20 days and recorded by the buyer within 10 | NRS 107.080 |
| Challenging the sale | Suit within 30 days after the deed is recorded (90 days if proper notice was not given), lis pendens within 5 days of filing | NRS 107.080 |
| Deficiency judgment | Lender must apply within 6 months after the sale | NRS 40.455 |
| Tenants after a residential foreclosure | At least 60 days' notice for month-to-month and other periodic tenancies of a month or longer | NRS 40.255 |
B to D
Beneficiary
The lender the deed of trust secures, or its successor or authorized agent (NRS 107.015). The beneficiary, often acting through a loan servicer, instructs the trustee to start and complete a foreclosure. Under NRS 107.028, the beneficiary cannot also act as trustee for the sale.
Credit bid
A bid the beneficiary makes at the trustee sale using the debt it is owed instead of new cash. When no outside bidder tops it, the property goes back to the lender and becomes REO.
Cure
Paying the past-due amount, plus allowed costs and fees, to fix the default and stop the foreclosure. For most deeds of trust, the sale cannot go forward unless the default has gone uncured for 35 days after the Notice of Default is recorded and mailed (NRS 107.080). For owner-occupied housing in a residential foreclosure, the cure window runs until five days before the sale (NRS 107.0805). The borrower, the title holder, or a junior lienholder can cure.
Deed in lieu of foreclosure
An agreement in which the owner deeds the property to the lender to avoid a foreclosure sale. It requires the lender's approval, and other liens on the property can complicate it.
Deed of trust
The security instrument used for most Nevada home loans. It names a borrower (trustor), a lender (beneficiary) and a trustee who holds a power of sale. That power of sale is what allows a non-judicial foreclosure under NRS 107.080.
Default
A failure to meet the loan terms, most often missed payments. In Nevada the beneficiary or trustee formally starts the foreclosure by recording a Notice of Default and Election to Sell.
Deficiency judgment
A court judgment for the amount still owed after a foreclosure sale brings in less than the debt. The lender must apply within six months after the sale (NRS 40.455). A financial institution cannot get a deficiency judgment when all four of these are true: the home is a single-family dwelling the borrower owned at the time of sale, the loan was used to buy it, the borrower lived in it continuously as a principal residence, and the loan was never refinanced (NRS 40.455). Refer owners to an attorney on this one.
H to L
HOA lien and HOA foreclosure
A homeowners association has a lien for unpaid assessments and can foreclose it. Under NRS 116.3116, part of that lien, often called the superpriority portion, ranks ahead of a first deed of trust: up to nine months of regular assessments before the HOA's notice of default (or a shorter period, never under six months, if Fannie Mae or Freddie Mac rules require it), plus certain charges and capped collection costs. Check HOA status and any HOA notices before a client bids or buys, and have a title professional review any HOA foreclosure.
Junior lien
Any lien that ranks behind the loan being foreclosed, such as a second mortgage or a later-recorded judgment. Junior liens are generally wiped out by the foreclosure sale, which is why junior lienholders also receive notice and can cure the default.
Lis pendens
A recorded notice that a lawsuit affecting title to the property is pending. In Nevada, a suit to void a trustee sale for noncompliance generally must be filed within 30 days after the trustee's deed is recorded, or within 90 days after the sale if a person entitled to notice did not receive it, and a lis pendens must be recorded within five days after the suit is filed (NRS 107.080). A lis pendens can also signal a judicial foreclosure.
Loan modification
A permanent change to loan terms, such as the rate, the term or the principal, agreed to by the lender to help a borrower avoid foreclosure.
M to N
Mediation (Nevada Foreclosure Mediation Program)
For owner-occupied housing, the Notice of Default package must explain how to request mediation and include contact information for a HUD-approved housing counseling agency (NRS 107.086). Within 30 days after service of the notice, the owner either petitions the district court to participate or returns a waiver. The program is administered by Home Means Nevada, Inc., and the trustee cannot sell until a certificate showing mediation is not required or has been completed is recorded.
Non-judicial foreclosure
A foreclosure carried out by the trustee under the deed of trust's power of sale, without a lawsuit. This is the usual path for Nevada residential loans, and the steps are set out in NRS Chapter 107. For the full sequence, see our guide to the Nevada non-judicial foreclosure process.
Notice of Default and Election to Sell (NOD)
The first recorded step in a Nevada non-judicial foreclosure. It describes the default, is recorded with the county recorder (in Las Vegas, the Clark County Recorder) and is mailed to the borrower and the title holder. At least three months must pass before the sale (NRS 107.080). For a residential foreclosure, it is recorded with a notarized affidavit of authority (NRS 107.0805) and must be posted on the property at least 100 days before the sale (NRS 107.087).
Notice of Sale (NOS)
Also called the Notice of Trustee's Sale. It sets the date, time and place of the auction. The trustee must record it, serve or mail it, post it in a public place for 20 days in a row, and publish it once a week for three consecutive weeks (NRS 107.080). For a residential foreclosure, it must be posted on the property, and a separate notice sent to tenants, at least 15 days before the sale (NRS 107.087).
Notice to surrender
The written notice that starts removal of a former owner after a foreclosure sale. Once title from the sale is perfected, a former owner who stays can be removed through the court eviction process after a 3-day written notice to surrender (NRS 40.255). Tenants in a residential foreclosure are treated differently: month-to-month and other periodic tenants of a month or longer get at least 60 days' notice of the change in ownership, and their lease rights continue during that period.
O to R
Opening bid
The amount at which the trustee starts the bidding, often tied to what the lender is owed. Confirm it with the trustee close to the sale date.
Owner-occupied housing
Housing occupied by an owner as the owner's primary residence, not counting vacant land or time shares (NRS 107.015). The label matters: it triggers the mediation option (NRS 107.086) and the longer cure window (NRS 107.0805).
Postponement
Moving a trustee sale to a later date. Under NRS 107.082, a sale postponed by oral proclamation moves to a later date at the same time and location, and after three oral postponements any new sale information must go out by notice. Confirm the date and time with the trustee before a client attends.
Pre-foreclosure
An industry term, not a statutory one, for the period after a Notice of Default is recorded and before a sale. The owner still owns the home and can cure, modify the loan, refinance or sell. A recorded filing is a reason to research, not proof a homeowner wants to sell. Real Estate Intel's free weekly Snapshot counts how many Clark County homes are in this stage, by ZIP code.
Reinstatement
Bringing the loan current by paying the default amount plus allowed costs, which restores the original loan terms. In Nevada practice it means the same as curing the default (see Cure).
REO (real estate owned)
Property owned by a lender after a foreclosure, usually because the lender's credit bid won at the trustee sale. REO homes are typically listed through a listing agent and sold as is, and buyers can often use normal financing. Read the seller's addendum for its specific terms.
Rescission of Notice of Default
A recorded document that cancels a Notice of Default, often after the borrower cures or the loan is otherwise resolved. A rescission ends that foreclosure; any later foreclosure would start with a new Notice of Default.
Residential foreclosure
The sale of a single-family residence, meaning a structure of four units or fewer, under the power of sale (NRS 107.015). Residential foreclosures carry extra requirements, including the affidavit of authority (NRS 107.0805) and the posting rules in NRS 107.087.
Right of redemption
The right to buy back a property after a foreclosure sale. A Nevada trustee sale passes title without equity or right of redemption (NRS 107.080). The Clark County Treasurer says there is also no redemption period on property bought at its tax auction, though the prior owner has two years to protest the sale.
S to T
Senior lien
A lien that ranks ahead of the loan being foreclosed. Senior liens, such as property taxes or an earlier-recorded deed of trust, generally survive the sale, so the buyer takes the property subject to them. A title search before bidding is how you find them.
Sheriff's sale
A sale of real property conducted by the sheriff under a court order or writ, separate from a trustee sale. In Clark County, sheriff's sales of real property are held Tuesday through Thursday on the steps of the north entrance of the Regional Justice Center, 200 Lewis Ave., Las Vegas.
Short sale
A sale in which the lender agrees to accept less than the amount owed. It needs lender approval, can happen during pre-foreclosure, and works best when started well before the sale date.
Substitution of trustee
A recorded document in which the beneficiary replaces the trustee named in the deed of trust. The new trustee's appointment is not effective until the substitution is recorded with the county recorder (NRS 107.028).
Tax trustee sale
The Clark County Treasurer's auction of property that has been tax-delinquent for three consecutive fiscal years and deeded to the Treasurer as trustee (NRS 361.585 and 361.590, as cited by the Treasurer). The Treasurer holds one tax auction a year, usually in April, payment is due in full by 5 p.m. on auction day, and the buyer receives a quitclaim deed. Not all liens are cleared, so check title before bidding.
Trustee
The party named in the deed of trust to conduct the foreclosure. NRS 107.028 limits who can serve, such as Nevada-licensed attorneys, title insurers and agents, and certain licensed entities. The trustee has no fiduciary duty to the borrower but must act impartially and in good faith.
Trustee sale
The public auction of a property under the trustee's power of sale. It goes to the highest bidder, between 9 a.m. and 5 p.m., at the public location the county designates (NRS 107.081). Confirm the required funds and terms with the trustee in advance. Our guide on how to buy at a Clark County trustee sale covers due diligence.
Trustee's deed upon sale
The deed that transfers the property to the winning bidder or back to the lender. The trustee must record it within 30 days of the sale, or deliver it to the buyer within 20 days for the buyer to record within 10 (NRS 107.080).
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This glossary is general information, not legal or financial advice. Confirm details with a Nevada attorney, title professional or the trustee.
Sources
- Nevada Revised Statutes, Chapter 107 (NRS 107.015, 107.028, 107.080, 107.0805, 107.081, 107.082, 107.086, 107.087): https://www.leg.state.nv.us/NRS/NRS-107.html
- Nevada Revised Statutes, Chapter 40 (NRS 40.255, 40.455): https://www.leg.state.nv.us/NRS/NRS-040.html
- Nevada Revised Statutes, Chapter 116 (NRS 116.3116): https://www.leg.state.nv.us/NRS/NRS-116.html
- Clark County Treasurer, Real Property Tax Trustee Sale FAQ: https://treasurer.co.clark.nv.us/trusfaq.htm
- Clark County Sheriff Civil, Sheriff's Sales: https://www.clarkcountynv.gov/government/departments/sheriff_civil/sheriff_s_sales/