Under Nevada law, who holds bare legal title to the property during the term of a deed of trust?
Correct Answer
C) The trustee, who is the neutral third party named in the deed of trust
Under NRS Chapter 107, the trustee holds bare legal title to the property during the term of the deed of trust. The trustee is a neutral third party (often a title company or attorney) who holds this title in trust for the benefit of the lender (beneficiary). The trustee's role is passive until default, at which point the trustee may conduct a non-judicial foreclosure sale.
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Related Topics & Key Terms
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Related Concepts
The debt-to-income ratio (DTI) compares a borrower's monthly debt obligations to their gross monthly income. It is used by lenders to determine how much mortgage a borrower can afford.
In the context of foreclosure, a deed transfers ownership of the foreclosed property to the new owner, typically the buyer at a foreclosure sale.
Discount points are upfront fees paid to a lender at closing to reduce (buy down) the interest rate on a mortgage loan. One point equals 1% of the loan amount and typically reduces the rate by approximately 0.25%.
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