Las Vegas Homes

08/01/2022

Another example of why you should always use a licensed real estate professional!!!!!!!!!

FTC SAYS OPENDOOR WILL PAY $62 million in refunds to customers to settle charges of making deceptive claims. The FTC says Opendoor said it would pay market value for homes, but its offers were lower than the market values and the company asked sellers to pay more for repairs than they'd typically pay.

06/25/2021

I am not a licensed agent so I will not provide specifics. But I have a friend (who is a Broker/Agent) that is looking to sell a $1,980,000 luxury home in NW Las Vegas. He needs a buyer. If you have one - let me know and I will intro. And no I get nothing from the deal except to help a friend.

01/04/2020

Attract more buyers to your front door by implementing a few of these this weekend.

12/21/2019

The housing market has seen a bounce back since the beginning of the decade, and Las Vegas ranks near the top nationally for the most changes seen.

12/15/2019

First-time home buyers generally pay more for the same home than repeat home buyers.

11/30/2019

Desert life appears to be getting a little more expensive these days when it comes to real estate, especially in a few specific areas in Nevada and Arizona.

11/14/2019

This is the form that is several pages long with all the numbers you get at closing. Amortization Schedule

11/14/2019

https://www.cnbc.com/2019/11/13/bidding-wars-for-homes-hit-a-decade-low.html

Competition in the fall housing market is falling. Just 10% of offers written by Redfin agents for their clients in October faced a bidding war, down from 39% a year ago, according to the Seattle-based real estate brokerage.

10/30/2019

Mineral Rights

Property may or may not receive Mineral Rights with the purchase of real estate. Buyers desiring mineral rights are strongly encouraged to very carefully research the ownership of any mineral rights. In many areas of the USA, Gas and Oil were sold years ago to exploration companies. In the Western arid/dry USA, many times Water Rights are also strictly regulated. Mineral Rights are sometimes refereed to as a "mineral interest" or a "mineral estate".

It is very important to realize that ownership of the land/property does not automatically include ownership of the mineral rights.

The ownership of mineral rights gives the owners the right to exploit, mine and/or produce any or all minerals they own. Different owners may own different minerals. Minerals can refer to oil, gas, coal, metal ores, stones, sands or salts. For example one owner may have the right to gas and oil, while another may the rights to precious metals such as gold, copper, etc. Mineral rights owners may sell, lease, will, inherit or donate those minerals to any person or company as they see fit. Mineral interests can be owned by private landowners, private companies or even government entities.

There are five (5) key elements to mineral rights ownership:
The right to use as much of the surface as is reasonably necessary to access the minerals
The right to further convey rights to another person, business or entity
The right to receive bonus consideration as in additional payment or other considerations
The right to receive delay rentals
The right to receive royalties such as payments by a percentage of the value of minerals removed and sold

AS the owner of mineral rights, they may separately convey any or all of the above-listed interests. For example, they may grant a company the right to mine the minerals in exchange for royalty payments, yet retain the right to inherit the future rights and royalties to their children. Mineral rights can also be affected by the ownership such as a life estate, community property laws and other title/vesting issues. These are issues exclusively for discussion with an attorney experienced in such matters - I will not even touch the subject.

As stated above, minerals rights or any element of the mineral rights, may be conveyed individually and independently of each other. The conveyance of mineral rights could have expiration limits and may have restrictions on the re-conveyance of those rights.

Owners of mineral rights may choose to develop those assets or they could choose to lease those rights to a company for development. A signed lease means that all parties agree to the terms of the lease which typically include the price to paid for the right to develop the minerals (extract them) and the methods/conditions of extraction. Most leases are time limited and the company has a set amount of time to start and complete the processes. Method limitations might require noise, water and air pollution safeguards, limits on amount of ground disturbance and limits on vehicle uses.

Mineral Rights and their ownership, extraction and conveyance are extremely legally complex and failure to use a knowledgeable and experienced legal and financial team could be costly. Before dealing with any such issues, consult with a licensed attorney. Or two. Or three.

10/29/2019

Addendum or Addenda

An Addendum is document or agreement to change an contract. Most commonly in real estate, the Addendum is used to modify terms of a Purchase Agreement. The addendum might change such things as price, closing dates, who pays for certain closing costs or repairs. It can also cover omissions and errors in the original document.

In Nevada, a commonly used Addendum is Request For Repairs, where the buyer presents a list of repairs they want before they will complete the purchase.

Addenda or Addendums are acceptable plurals for Addendum, although Addenda is most commonly used.

When used with a real estate contract, normally all parties have to sign the Addendum for it to be valid. It must also be presented to the Escrow Company.

An Addendum differs from a Counter Offer in that the Addendum is post, or after an agreement is reached and a Counter Offer is part of the pre-agreement process of back-and-forth to read a meeting of the minds or mutually beneficial contractual agreement.