Legal Question in Real Estate Law in Nevada

Real Estate - Owner Carry

We are looking at buying 40 acres of raw land. The owner bought it on owner carry and still owes $27,000 on the outstanding loan. The real estate agent says it is perfectly legal for us to buy it on an owner carry even though we will be the third party. The person holding the first owner carry said it was fine with her. We just want to make sure this is legal in the state of Nevada and that there is no chance anyone can claim we are not the legal owners after we have paid money towards the land. Thanks in advance.


Asked on 7/14/07, 10:52 pm

2 Answers from Attorneys
Jeffrey Cogan Jeffrey A. Cogan, Esq., Ltd.

Re: Real Estate - Owner Carry

Make sure that you have a lawyer review all the documents and your payment should go to pay off the $27,000.

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Answered on 7/16/07, 10:28 am
mark albright albright stoddard warnick & albright

Re: Real Estate - Owner Carry

There should be no problem with the transaction, but we must review the documents creating the loan between the original owner and the current owner to see what, if any, restrictions on conveyance they have before giving a definite answer to your question.

Spencer Judd

Albright Stoddard Warnick and Albright.

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Answered on 7/16/07, 10:51 am


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