NRS 116.412 – Substantial completion of units.
In the case of a sale of a unit in which delivery of a public offering statement is required, a contract of sale may be executed, but no interest in that unit may be conveyed, until the declaration is recorded and the unit is substantially completed, in accordance with local ordinances. (Added to NRS by […]
NRS 116.41095 – Required form of information statement.
The information statement required by NRS 116.4103 and 116.4109 must be in substantially the following form: BEFORE YOU PURCHASE PROPERTY IN A COMMON-INTEREST COMMUNITY DID YOU KNOW . . . 1. YOU GENERALLY HAVE 5 DAYS TO CANCEL THE PURCHASE AGREEMENT? When you enter into a purchase agreement to buy a home or unit in […]
NRS 116.411 – Escrow of deposits; furnishing of bond in lieu of deposit.
1. Except as otherwise provided in subsections 2, 3 and 4, a deposit made in connection with the purchase or reservation of a unit from a person required to deliver a public offering statement pursuant to subsection 3 of NRS 116.4102 must be placed in escrow and held either in this State or in the […]
NRS 116.4103 – Public offering statement: General provisions.
1. Except as otherwise provided in NRS 116.41035, a public offering statement must set forth or fully and accurately disclose each of the following: (a) The name and principal address of the declarant and of the common-interest community, and a statement that the common-interest community is a condominium, cooperative or planned community. (b) A general […]
NRS 116.41035 – Public offering statement: Limitations for certain small offerings.
If a common-interest community composed of not more than 12 units is not subject to any developmental rights and no power is reserved to a declarant to make the common-interest community part of a larger common-interest community, group of common-interest communities or other real estate, a public offering statement may include the information otherwise required […]
NRS 116.4104 – Public offering statement: Common-interest communities subject to developmental rights.
If the declaration provides that a common-interest community is subject to any developmental rights, the public offering statement must disclose, in addition to the information required by NRS 116.4103: 1. The maximum number of units that may be created; 2. A statement of how many or what percentage of the units that may be created […]
NRS 116.4105 – Public offering statement: Time shares.
If the declaration provides that ownership or occupancy of any units, is or may be in time shares, the public offering statement shall disclose, in addition to the information required by NRS 116.4103 and 116.41035: 1. The number and identity of units in which time shares may be created; 2. The total number of time […]
NRS 116.4106 – Public offering statement: Common-interest community containing converted building.
1. The public offering statement of a common-interest community containing any converted building must contain, in addition to the information required by NRS 116.4103 and 116.41035: (a) A statement by the declarant, based on a report prepared by an independent registered architect or licensed professional engineer, describing the present condition of all structural components and […]
NRS 116.4107 – Public offering statement: Common-interest community registered with Securities and Exchange Commission or State of Nevada.
If an interest in a common-interest community is currently registered with the Securities and Exchange Commission of the United States or with the State of Nevada pursuant to chapter 119, 119A or 119B of NRS, a declarant satisfies all requirements of this chapter relating to the preparation of a public offering statement if the declarant […]
NRS 116.4108 – Purchaser’s right to cancel.
1. A person required to deliver a public offering statement pursuant to subsection 3 of NRS 116.4102 shall provide a purchaser with a copy of the current public offering statement not later than the date on which an offer to purchase becomes binding on the purchaser. Unless the purchaser has personally inspected the unit, the […]