The document provides an overview of how deeds of trust work in Nevada. It explains that if a borrower needs money to purchase land, they can take out a loan from a lender. The borrower gives the lender a promissory note and signs a deed of trust transferring the property to a trustee. If the borrower defaults on payments, the trustee has the power to foreclose and sell the property, with the lender having first right to bid using the amount owed on the loan. The document outlines the foreclosure process and timeframes, which involves notifying the borrower, allowing for a cure period, and advertising the sale for three weeks before holding a public auction.

1. How Nevada Deeds of Trust Work
The first part of this slide show gives you
background about deeds of trust

2. If a borrower needs $10,000 to buy land from a seller

3. Seller
Land
Buyer
Borrower
(needs $10k)
If a borrower needs $10,000 to buy land from a seller

4. Seller
Land
Buyer
Borrower
(needs $10k)
Bank
Lender
(lender has $10k)
If a borrower needs $10,000 to buy land from a seller, and a lender has $10,000

5. Seller
Land
Buyer
Borrower
(needs $10k)
$10k
Bank
Lender
(lender has $10k)
If a borrower needs $10,000 to buy land from a seller, and a lender has $10,000

6. Seller
Land
Buyer
Borrower
(needs $10k)
$10k
Bank
Lender
(lender has $10k)
If a borrower needs $10,000 to buy land from a seller, and a lender has $10,000
The lender gives the $10,000 to the borrower to buy the land

7. Seller
Land
Buyer
Borrower
(needs $10k)
$10k
Bank
Lender
(lender has $10k)
If a borrower needs $10,000 to buy land from a seller, and a lender has $10,000
The lender gives the $10,000 to the borrower to buy the land
The borrower gives a $10,000 promissory note to the lender

8. Seller
Land
Buyer
Borrower
(needs $10k)
$10k
Bank
Lender
(lender has $10k)
Promissory
Note (IOU)
If a borrower needs $10,000 to buy land from a seller, and a lender has $10,000
The lender gives the $10,000 to the borrower to buy the land
The borrower gives a $10,000 promissory note to the lender

9. Seller
Land
Buyer
Borrower
(needs $10k)
$10k
Bank
Lender
(lender has $10k)
Promissory
Note (IOU)
If a borrower needs $10,000 to buy land from a seller, and a lender has $10,000
The lender gives the $10,000 to the borrower to buy the land
The borrower gives a $10,000 promissory note to the lender
The buyer gives $10,000 to the seller & seller conveys land to the buyer/borrower

10. Seller
$
Land
Buyer
Borrower
(needs $10k)
$10k
Bank
Lender
(lender has $10k)
Promissory
Note (IOU)
If a borrower needs $10,000 to buy land from a seller, and a lender has $10,000
The lender gives the $10,000 to the borrower to buy the land
The borrower gives a $10,000 promissory note to the lender
The buyer gives $10,000 to the seller & seller conveys land to the buyer/borrower

11. Seller
$
Land
Buyer
Borrower
(needs $10k)
$10k
Promissory
Note (IOU)
Bank
Lender
(lender has $10k)
If the borrower doesn’t
pay the note, the lender
must sue to get a
judgment for $10k
against the borrower,
then find assets to seize.

12. Seller
$
Land
Buyer
Borrower
(needs $10k)
$10k
Promissory
Note (IOU)
Bank
Lender
(lender has $10k)
If the borrower doesn’t
pay the note, the lender
must sue to get a
judgment for $10k
against the borrower,
then find assets to seize.
If the lender gets a deed
of trust against the
property as security for
the note, the lender can
foreclose on the deed of
trust, get fully paid or get
the property and apply its
fair market value against
the $10,000 that is owed.

13. Seller
$
Land
Buyer
Borrower
(needs $10k)
$10k
Promissory
Note (IOU)
Bank
Lender
(lender has $10k)
If the borrower doesn’t
pay the note, the lender
must sue to get a
judgment for $10k
against the borrower,
then find assets to seize.
If the lender gets a deed
of trust against the
property as security for
the note, the lender can
foreclose on the deed of
trust, get fully paid or get
the property and apply its
fair market value against
the $10,000 that is owed.
The balance of the slide show
demonstrates how deeds of trust work

14. Seller
$
Land
Buyer
Borrower
(needs $10k)
Grantor
Trustor
$10k
Bank
Lender
(lender has $10k)
Promissory
Note (IOU)
The borrower (also know as a grantor or
trustor) transfers the property to a trustee
with a special deed called a deed of trust
(also know as trust deed or TD). The
borrower still owns the property, but has
given the power to sell it at a foreclosure
to the trustee.

15. Seller
$
Land
Buyer
Borrower
(needs $10k)
Grantor
Trustor
$10k
Promissory
Note (IOU)
Land
Trust Deed
Bank
Lender
(lender has $10k)
Trustee
The borrower (also know as a grantor or
trustor) transfers the property to a trustee
with a special deed called a deed of trust
(also know as trust deed or TD). The
borrower still owns the property, but has
given the power to sell it at a foreclosure
to the trustee.

16. Seller
$
Land
Buyer
Borrower
(needs $10k)
Grantor
Trustor
$10k
Promissory
Note (IOU)
Land
Trust Deed
Bank
Lender
(lender has $10k)
Trustee
The borrower (also know as a grantor or
trustor) transfers the property to a trustee
with a special deed called a deed of trust
(also know as trust deed or TD). The
borrower still owns the property, but has
given the power to sell it at a foreclosure
to the trustee.
The trustee is a third party, usually a
title company, who is obligated to
follow the terms of the trust deed.

17. Seller
$
Land
Buyer
Borrower
(needs $10k)
Grantor
Trustor
$10k
Promissory
Note (IOU)
Land
Trust Deed
Bank
Lender
(lender has $10k)
Trustee
The borrower (also know as a grantor or
trustor) transfers the property to a trustee
with a special deed called a deed of trust
(also know as trust deed or TD). The
borrower still owns the property, but has
given the power to sell it at a foreclosure
to the trustee.
The trustee is a third party, usually a
title company, who is obligated to
follow the terms of the trust deed.
The lender is the beneficiary of the TD.

18. Seller
$
Land
Buyer
Borrower
(needs $10k)
Grantor
Trustor
$10k
Promissory
Note (IOU)
Land
Trust Deed
Trustee
Bank
Lender
(lender has $10k)
Beneficiary of TD
The borrower (also know as a grantor or
trustor) transfers the property to a trustee
with a special deed called a deed of trust
(also know as trust deed or TD). The
borrower still owns the property, but has
given the power to sell it at a foreclosure
to the trustee.
The trustee is a third party, usually a
title company, who is obligated to
follow the terms of the trust deed.
The lender is the beneficiary of the TD.

19. Seller
$
Land
Buyer
Borrower
(needs $10k)
Grantor
Trustor
$10k
Promissory
Note (IOU)
Bank
Lender
(lender has $10k)
Beneficiary of TD
Land
Trust Deed
Trustee
The trustee’s obligations under
the trust deed are:
The borrower (also know as a grantor or
trustor) transfers the property to a trustee
with a special deed called a deed of trust
(also know as trust deed or TD). The
borrower still owns the property, but has
given the power to sell it at a foreclosure
to the trustee.
The trustee is a third party, usually a
title company, who is obligated to
follow the terms of the trust deed.
The lender is the beneficiary of the TD.

20. Seller
$
Land
Buyer
Borrower
(needs $10k)
Grantor
Trustor
Bank
Lender
(lender has $10k)
$10k
Promissory
Note (IOU)
Beneficiary of TD
Land
Trust Deed
Trustee
The trustee’s obligations under
the trust deed are:
-If borrower pays, reconvey title
to borrower
The borrower (also know as a grantor or
trustor) transfers the property to a trustee
with a special deed called a deed of trust
(also know as trust deed or TD). The
borrower still owns the property, but has
given the power to sell it at a foreclosure
to the trustee.
The trustee is a third party, usually a
title company, who is obligated to
follow the terms of the trust deed.
The lender is the beneficiary of the TD.

21. Seller
$
Land
Buyer
Borrower
(needs $10k)
Grantor
Trustor
Land
Trust Deed
Bank
Lender
(lender has $10k)
$10k
Promissory
Note (IOU)
Beneficiary of TD
Reconvey
Trustee
The trustee’s obligations under
the trust deed are:
-If borrower pays, reconvey title
to borrower
The borrower (also know as a grantor or
trustor) transfers the property to a trustee
with a special deed called a deed of trust
(also know as trust deed or TD). The
borrower still owns the property, but has
given the power to sell it at a foreclosure
to the trustee.
The trustee is a third party, usually a
title company, who is obligated to
follow the terms of the trust deed.
The lender is the beneficiary of the TD.

22. Seller
$
Land
Buyer
Borrower
(needs $10k)
Grantor
Trustor
Land
Trust Deed
Bank
Lender
(lender has $10k)
$10k
Promissory
Note (IOU)
Beneficiary of TD
Reconvey
Trustee
The trustee’s obligations under
the trust deed are:
-If borrower pays, reconvey title
to borrower
-If Borrower defaults, give notice,
advertise and sell the property
The borrower (also know as a grantor or
trustor) transfers the property to a trustee
with a special deed called a deed of trust
(also know as trust deed or TD). The
borrower still owns the property, but has
given the power to sell it at a foreclosure
to the trustee.
The trustee is a third party, usually a
title company, who is obligated to
follow the terms of the trust deed.
The lender is the beneficiary of the TD.

23. Seller
$
Land
Buyer
Borrower
(needs $10k)
Grantor
Trustor
Land
Trust Deed
Bank
Lender
(lender has $10k)
$10k
Promissory
Note (IOU)
Beneficiary of TD
Reconvey
Trustee
The trustee’s obligations under
the trust deed are:
-If borrower pays, reconvey title
to borrower
-If Borrower defaults, give notice,
advertise and sell the property
The borrower (also know as a grantor or
trustor) transfers the property to a trustee
with a special deed called a deed of trust
(also know as trust deed or TD). The
borrower still owns the property, but has
given the power to sell it at a foreclosure
to the trustee.
The trustee is a third party, usually a
title company, who is obligated to
follow the terms of the trust deed.
The lender is the beneficiary of the TD.
The next slides show the foreclosure time frames

24. Seller
$
Land
Buyer
Borrower
(needs $10k)
Grantor
Trustor
Land
Trust Deed
$10k
Promissory
Note (IOU)
Reconvey
Trustee
Foreclosure time frame
Bank
Lender
(lender has $10k)
Beneficiary of TD
-If borrower pays, reconvey title to borrower
-If borrower defaults, give notice,
advertise and sell the property

25. Seller
$
Land
Buyer
Borrower
(needs $10k)
Grantor
Trustor
Land
Trust Deed
$10k
Promissory
Note (IOU)
Reconvey
Trustee
Foreclosure time frame
Record &
Serve
Notice of
Breach
Default
Bank
Lender
(lender has $10k)
Beneficiary of TD
-If borrower pays, reconvey title to borrower
-If borrower defaults, give notice,
advertise and sell the property

26. Seller
$
Land
Buyer
Borrower
(needs $10k)
Grantor
Trustor
Land
Trust Deed
$10k
Promissory
Note (IOU)
Reconvey
Trustee
Foreclosure time frame
35
days
Record &
Serve
Notice of
Breach
Default
Right to
cure
(pay all
expenses +
back pymts)
Bank
Lender
(lender has $10k)
Beneficiary of TD
-If borrower pays, reconvey title to borrower
-If borrower defaults, give notice,
advertise and sell the property

27. Seller
$
Land
Buyer
Borrower
(needs $10k)
Grantor
Trustor
Land
Trust Deed
$10k
Promissory
Note (IOU)
Reconvey
Trustee
Bank
Lender
(lender has $10k)
Beneficiary of TD
-If borrower pays, reconvey title to borrower
-If borrower defaults, give notice,
advertise and sell the property
Foreclosure time frame
35
days
Record &
Serve
Notice of
Breach
Default
55
days
Right to
cure
(pay all
expenses +
back pymts)
Notice of Sale
published 3
months (not 90
days) from
recording of the
Notice of Breach

28. Seller
$
Land
Buyer
Borrower
(needs $10k)
Grantor
Trustor
Land
Trust Deed
$10k
Promissory
Note (IOU)
Reconvey
Trustee
Bank
Lender
(lender has $10k)
Beneficiary of TD
-If borrower pays, reconvey title to borrower
-If borrower defaults, give notice,
advertise and sell the property
Foreclosure time frame
35
days
Record &
Serve
Notice of
Breach
Default
55
days
Right to
cure
(pay all
expenses +
back pymts)
3 weeks
Notice of Sale
published 3
months (not 90
days) from
recording of the
Notice of Breach
Advertise
once a week
for 3 weeks
then hold
Foreclosure
Sale (suction)

29. Seller
$
Land
Buyer
Borrower
(needs $10k)
Grantor
Trustor
Land
Trust Deed
$10k
Promissory
Note (IOU)
Reconvey
Bank
Lender
(lender has $10k)
Beneficiary of TD
The land is sold on this date by the
trustee—Who will be the buyer?
Trustee
Foreclosure time frame
35
days
Record &
Serve
Notice of
Breach
Default
55
days
Right to
cure
(pay all
expenses +
back pymts)
3 weeks
Notice of Sale
published 3
months (not 90
days) from
recording of the
Notice of Breach
Advertise
once a week
for 3 weeks
then hold
Foreclosure
Sale (suction)

30. Seller
$
Land
Buyer
Borrower
(needs $10k)
Grantor
Trustor
Land
Trust Deed
$10k
Promissory
Note (IOU)
Bank
Lender
(lender has $10k)
Beneficiary of TD
Credit bid
(decrease s
the amount
owed)
Reconvey
The lender/beneficiary?
Trustee
Foreclosure time frame
35
days
Record &
Serve
Notice of
Breach
Default
55
days
Right to
cure
(pay all
expenses +
back pymts)
3 weeks
Notice of Sale
published 3
months (not 90
days) from
recording of the
Notice of Breach
Advertise
once a week
for 3 weeks
then hold
Foreclosure
Sale (suction)

31. Seller
$
Land
Buyer
Borrower
(needs $10k)
Grantor
Trustor
Land
Trust Deed
$10k
Promissory
Note (IOU)
Bank
Lender
(lender has $10k)
Beneficiary of TD
Credit bid
(decrease s
the amount
owed)
Reconvey
3P
Trustee
The lender/beneficiary?
Or a 3rd party buyer?
Foreclosure time frame
35
days
Record &
Serve
Notice of
Breach
Default
55
days
Right to
cure
(pay all
expenses +
back pymts)
3 weeks
Notice of Sale
published 3
months (not 90
days) from
recording of the
Notice of Breach
Advertise
once a week
for 3 weeks
then hold
Foreclosure
Sale (suction)

32. Seller
$
Land
Buyer
Borrower
(needs $10k)
Grantor
Trustor
Land
Trust Deed
$10k
Promissory
Note (IOU)
Bank
Lender
(lender has $10k)
Beneficiary of TD
Credit bid
(decrease s
the amount
owed)
Reconvey
3P
Trustee
Record &
Serve
Notice of
Breach
Default
55
days
Right to
cure
(pay all
expenses +
back pymts)
Or a 3rd party buyer?
If the lender wants to sue the
borrower for a deficiency, the
lender must sue within 6
months of the foreclosure
Foreclosure time frame
35
days
The lender/beneficiary?
3 weeks
Notice of Sale
published 3
months (not 90
days) from
recording of the
Notice of Breach
Advertise
once a week
for 3 weeks
then hold
Foreclosure
Sale (suction)

33. Seller
$
Land
Buyer
Borrower
(needs $10k)
Grantor
Trustor
Land
Trust Deed
$10k
Promissory
Note (IOU)
Bank
Lender
(lender has $10k)
Beneficiary of TD
Credit bid
(decrease s
the amount
owed)
Reconvey
3P
Trustee
If the lender wants to sue the
borrower for a deficiency, the
lender must sue within 6
months of the foreclosure
Foreclosure time frame
35
days
Record &
Serve
Notice of
Breach
Default
55
days
Right to
cure
(pay all
expenses +
back pymts)
3 weeks
Notice of Sale
published 3
months (not 90
days) from
recording of the
Notice of Breach
Advertise
once a week
for 3 weeks
then hold
Foreclosure
Sale (suction)
6 months
Last day to
sue for
deficiency
NRS 40.455

34. Seller
$
Land
Buyer
Borrower
(needs $10k)
Grantor
Trustor
Land
Trust Deed
$10k
Promissory
Note (IOU)
Bank
Lender
(lender has $10k)
How is the deficiency
calculated?
Beneficiary of TD
Credit bid
(decrease s
the amount
owed)
Reconvey
3P
Trustee
Foreclosure time frame
35
days
Record &
Serve
Notice of
Breach
Default
55
days
Right to
cure
(pay all
expenses +
back pymts)
3 weeks
Notice of Sale
published 3
months (not 90
days) from
recording of the
Notice of Breach
Advertise
once a week
for 3 weeks
then hold
Foreclosure
Sale (suction)
6 months
Last day to
sue for
deficiency
NRS 40.455

35. Seller
$
Land
Buyer
Borrower
(needs $10k)
Grantor
Trustor
Land
Trust Deed
$10k
Promissory
Note (IOU)
Bank
Lender
(lender has $10k)
How is the deficiency
calculated?
Lesser of A or B
(per NRS 40.459)
Beneficiary of TD
Credit bid
(decrease s
the amount
owed)
Reconvey
3P
Trustee
Foreclosure time frame
35
days
Record &
Serve
Notice of
Breach
Default
55
days
Right to
cure
(pay all
expenses +
back pymts)
3 weeks
Notice of Sale
published 3
months (not 90
days) from
recording of the
Notice of Breach
Advertise
once a week
for 3 weeks
then hold
Foreclosure
Sale (suction)
6 months
Last day to
sue for
deficiency
NRS 40.455

36. Seller
$
Land
Buyer
Borrower
(needs $10k)
Grantor
Trustor
Land
Trust Deed
$10k
Promissory
Note (IOU)
Bank
Lender
(lender has $10k)
How is the deficiency
calculated?
Lesser of A or B
(per NRS 40.459)
Beneficiary of TD
Credit bid
(decrease s
the amount
owed)
Reconvey
3P
Trustee
A
Amt Owed $10,000
-FMV
$15,000
$0
Foreclosure time frame
35
days
Record &
Serve
Notice of
Breach
Default
55
days
Right to
cure
(pay all
expenses +
back pymts)
3 weeks
Notice of Sale
published 3
months (not 90
days) from
recording of the
Notice of Breach
Advertise
once a week
for 3 weeks
then hold
Foreclosure
Sale (suction)
6 months
Last day to
sue for
deficiency
NRS 40.455

37. Seller
$
Land
Buyer
Borrower
(needs $10k)
Grantor
Trustor
Land
Trust Deed
$10k
Promissory
Note (IOU)
Bank
Lender
(lender has $10k)
How is the deficiency
calculated?
Lesser of A or B
(per NRS 40.459)
Beneficiary of TD
Credit bid
(decrease s
the amount
owed)
Reconvey
3P
Trustee
A
Amt Owed $10,000
-FMV
$15,000
$0
B
Amt Owed $10k
-Amt sold $ 1k
$9k
Foreclosure time frame
35
days
Record &
Serve
Notice of
Breach
Default
55
days
Right to
cure
(pay all
expenses +
back pymts)
3 weeks
Notice of Sale
published 3
months (not 90
days) from
recording of the
Notice of Breach
Advertise
once a week
for 3 weeks
then hold
Foreclosure
Sale (suction)
6 months
Last day to
sue for
deficiency
NRS 40.455

38. Seller
$
Land
Buyer
Borrower
(needs $10k)
Grantor
Trustor
Land
Trust Deed
$10k
Promissory
Note (IOU)
Bank
Lender
(lender has $10k)
How is the deficiency
calculated?
Lesser of A or B
(per NRS 40.459)
Beneficiary of TD
Credit bid
(decrease s
the amount
owed)
Reconvey
3P
Trustee
A
Amt Owed $10,000
-FMV
$15,000
$0
B
Amt Owed $10k
-Amt sold $ 1k
$9k
Foreclosure time frame
35
days
Record &
Serve
Notice of
Breach
Default
55
days
Right to
cure
(pay all
expenses +
back pymts)
3 weeks
Notice of Sale
published 3
months (not 90
days) from
recording of the
Notice of Breach
Advertise
once a week
for 3 weeks
then hold
Foreclosure
Sale (suction)
6 months
Last day to
sue for
deficiency
NRS 40.455

39. Seller
$
Land
Buyer
Borrower
(needs $10k)
Grantor
Trustor
Land
Trust Deed
$10k
Promissory
Note (IOU)
Bank
Lender
(lender has $10k)
How is the deficiency
calculated?
Lesser of A or B
(per NRS 40.459)
Beneficiary of TD
Credit bid
(decrease s
the amount
owed)
Reconvey
3P
Trustee
A
Amt Owed $10,000
-FMV
$15,000
B
Amt Owed $10k
-Amt sold $ 1k
$0
$9k
Lesser is $0, thus
no deficiency
Foreclosure time frame
35
days
Record &
Serve
Notice of
Breach
Default
55
days
Right to
cure
(pay all
expenses +
back pymts)
3 weeks
Notice of Sale
published 3
months (not 90
days) from
recording of the
Notice of Breach
Advertise
once a week
for 3 weeks
then hold
Foreclosure
Sale (suction)
6 months
Last day to
sue for
deficiency
NRS 40.455