Article
Renters Protect Yourselves
Remember the days when all you, as a renter, had to worry about was paying rent on time and acquiring renter’s insurance to cover you in case of any dispute? Well, you can now kiss those days goodbye. Current corruption in the real estate market now makes it necessary for you to worry about if the place you have rented is indeed really for rent and not some kind rental related fraud. Moreover, considering the current Las Vegas property market, there are chances that the Las Vegas condominium home you are thinking of renting might be going into foreclosure. Thus, there’s a lot to take into consideration these days before renting or investing in property.
However, there are certain measures you can take to protect yourself. The Clark County Assessor's Office has public records accessible online. Before renting a place you can look up the current address of your Las Vegas condominium home to see if it is in foreclosure. Copy the parcel number and then go to the recorder's page to do a proper survey on the net. Enter the parcel number and click detail data. In doing this you will be looking for a breach or notice of default in the document type field. If the property is going into foreclosure it will usually be within 120 days of the date posted. If while surveying the net it shows notice of sale or notice of trustee sale, then foreclosure is imminent, usually within the next 30 to 60 days. If the Las Vegas condominium property has already been foreclosed on there will be a trustee deed recorded, which means the bank has taken ownership of the property. If you have determined that the property you are paying rent on is in foreclosure, it is recommended to consult an attorney before taking any other action. Do not confront your property owner without first seeking legal advice and verifying the status of the Las Vegas condominium property.
Today’s sketchy and unstable real estate and rental market can result in disappointment and money lost if you are not careful, therefore before signing a Las Vegas condominium rental agreement, contact a trusted realtor and ask to have the title company get an ownership and encumbrance report along with complete paper work details which show all filings against the property including foreclosure notices. Better safe than sorry!
- Go back
Sign up now to learn about new condo developments and investment opportunities.
