Notwithstanding any other provision of law, the proceeds of $605,000 from the sale of a homestead pursuant to subsection 2 or 3 of NRS 115.050 are only exempt from execution if:

1. 1. Such proceeds are reinvested in another property of like kind for which the declaration of a homestead will be made; and

2. 2. The other property is:

   1. (a) Identified not later than 45 days after the sale of the homestead; and
   2. (b) Taken possession of not later than 180 days after the sale of the homestead.

(Added to NRS by 2019, 1851)