1. A unit’s owner is not liable, solely by reason of being a unit’s owner, for an injury or damage arising out of the condition or use of the common elements. Neither the association nor any unit’s owner except the declarant is liable for that declarant’s torts in connection with any part of the common-interest […]
1. In a condominium or planned community, portions of the common elements may be conveyed or subjected to a security interest by the association if persons entitled to cast at least a majority of the votes in the association, including a majority of the votes allocated to units not owned by a declarant, or any […]
1. Commencing not later than the time of the first conveyance of a unit to a person other than a declarant, the association shall maintain, to the extent reasonably available and subject to reasonable deductibles, all of the following: (a) Property insurance on the common elements and, in a planned community, also on property that […]
1. Insurance policies carried pursuant to NRS 116.3113 must provide that: (a) Each unit’s owner is an insured person under the policy with respect to liability arising out of the unit’s owner’s interest in the common elements or membership in the association; (b) The insurer waives its right to subrogation under the policy against any […]
1. Any portion of the common-interest community for which insurance is required under NRS 116.3113 which is damaged or destroyed must be repaired or replaced promptly by the association unless: (a) The common-interest community is terminated, in which case NRS 116.2118, 116.21183 and 116.21185 apply; (b) Repair or replacement would be illegal under any state […]
The provisions of NRS 116.3113, 116.31133 and 116.31135 may be varied or waived in the case of a common-interest community all of whose units are restricted to nonresidential use. (Added to NRS by 1991, 567)
1. Except as otherwise provided in subsection 2, an association, a member of the executive board, or a community manager shall deposit or invest all funds of the association at a financial institution which: (a) Is located in this State; (b) Is qualified to conduct business in this State; or (c) Has consented to be […]
Unless otherwise provided in the declaration, any surplus funds of the association remaining after payment of or provision for common expenses and any prepayment of reserves must be paid to the units’ owners in proportion to their liabilities for common expenses or credited to them to reduce their future assessments for common expenses. (Added to […]
1. The Commission shall adopt regulations prescribing the requirements for the preparation and presentation of financial statements of an association pursuant to this chapter. 2. The regulations adopted by the Commission must include, without limitation: (a) The qualifications necessary for a person to prepare and present financial statements of an association; and (b) The standards […]
1. Except as otherwise provided in subsection 2, the executive board shall: (a) If the annual budget of the association is $45,000 or more but less than $75,000, cause the financial statement of the association to be reviewed by an independent certified public accountant during the year immediately preceding the year in which a study […]
1. Until the association makes an assessment for common expenses, the declarant shall pay all common expenses. After an assessment has been made by the association, assessments must be made at least annually, based on a budget adopted at least annually by the association in accordance with the requirements set forth in NRS 116.31151. Unless […]
1. Except as otherwise provided in subsection 2 and unless the declaration of a common-interest community imposes more stringent standards, the executive board shall, not less than 30 days or more than 60 days before the beginning of the fiscal year of the association, prepare and distribute to each unit’s owner a copy of: (a) […]
1. The executive board shall: (a) At least once every 5 years, cause to be conducted a study of the reserves required to repair, replace and restore the major components of the common elements and any other portion of the common-interest community that the association is obligated to maintain, repair, replace or restore; (b) At […]
1. Money in the reserve account of an association required by paragraph (b) of subsection 2 of NRS 116.3115 may not be withdrawn without the signatures of at least two members of the executive board or the signatures of at least one member of the executive board and one officer of the association who is […]
1. Except as otherwise provided in subsection 2, an association shall: (a) If the association is required to pay the fee imposed by NRS 78.150, 82.193, 86.263, 87.541, 87A.560 or 88.591, pay to the Administrator a fee established by regulation of the Administrator for every unit in the association used for residential use. (b) If […]
1. Each association shall, at the time it pays the fee required by NRS 116.31155, register with the Ombudsman on a form prescribed by the Ombudsman. 2. The form for registration must include, without limitation, the information required to be maintained pursuant to paragraph (e) of subsection 4 of NRS 116.625. (Added to NRS by […]
