Legal Question in Real Estate Law in Nevada

My home was set for auction on 11/22/2010. Upon checking, the home did not sell; however, there is a notation of "Reversion." What does Reversion mean? Once I learned I could not continue to make payments, I notified my mortgage company and asked to do a Deed in Lieu. I was told I could not until I attempted to sell the home under a short sale agreement for 90 days. At the end of that time, they would not let me do the Deed in Lieu and instead scheduled it for sale, but it did not sell. My bottom line is liability. The home has a pool and nice landscaping, so I stayed as long as I could to take care of those things and I moved out two days prior to the sale. What is my liability status for that home?


Asked on 11/23/10, 2:39 pm

1 Answer from Attorneys
Jeffrey Cogan Jeffrey A. Cogan, Esq., Ltd.

A reversion means that the house goes back to the original owner but that is more of a law school concept. The typical reversion is "I give you the house so long as you don't smoke" and you smoke so the house goes back to me. As to liability, you have personal liability and now you probably don't have insurance. You can do a few things, (1) get insurance, (2) form a corporation and transfer the house to the corporation so only the corporation is liable, (3) deed the house to another person.

If you would like to meet with me to get a better answer based upon the Reversion issue as I would need to see the address, you may email me at [email protected]

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Answered on 11/29/10, 6:50 am


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