Notice of Default and Election to Sell
(Residential Foreclosure) (NV)

Summary

This template notice of default and election to sell (NOD) may be used in connection with the nonjudicial foreclosure of residential property in Nevada. This template contains practical guidance, drafting notes, and optional clauses. A deed of trust is the preferred security instrument in Nevada and most residential foreclosures in Nevada are completed pursuant to a power of sale in a deed of trust. After the completion of all pre-foreclosure requirements, the nonjudicial foreclosure process begins with the preparation and recording of the NOD. The NOD must describe the deficiency in performance or payment and may contain a notice of intent to declare the entire unpaid balance due, if acceleration is permitted by the obligation secured by the deed of trust. This acceleration is subject to a statutory right to cure. An NOD on a deed of trust securing residential property must further include the physical address of the property and contact information for the trustee. Nev. Rev. Stat. Ann. § 107.087(b). The NOD must be accompanied by an affidavit confirming that compliance with the notice requirements of Nev. Rev. Stat. Ann. § 107.0805(1)(b)(3) (see Affidavit of Authority to Exercise the Power of Sale (Residential Foreclosure) (NV)), and a declaration that the requirements of the NHBR were satisfied or do not apply (see Declaration of Mortgage Servicer (Residential Foreclosure) (NV)). For additional guidance see Residential Foreclosure (NV) and Foreclosure Resource Kit (NV).