MANDATORY for Las Vegas Home Sellers to Pay for the Resale Package
Please
take a minute to review this document. It is MANDATORY for the sellers to pay
for the resale package per this law. This is not a NRS Statute anymore. It is a
law. If a seller/seller's agent refuses to provide/pay for a resale package they
are breaking the law. This applies to you if you represent a seller.
Please
review this and be familiar so none of us get into trouble for non-compliance.
Senate Bill No. 253–Senator Parks
CHAPTER..........
AN ACT relating to common-interest communities; requiring a
member of an executive board of a unit-owners’ association
who stands to profit personally from a matter before the
executive board to disclose and abstain from voting on the
matter; requiring a member of an executive board who has a
member of his household or relative who stands to profit
from a matter before the executive board to disclose before
voting on the matter; requiring that bids for an association
project be considered and opened at a meeting of the
executive board; revising provisions relating to the renting or
leasing of units; making provisions authorizing the transient
commercial use of units in a planned community in certain
circumstances applicable in all counties; revising the
provisions relating to the resale package furnished to the
purchaser of a unit; increasing the amount of the
administrative fine for engaging in certain activity without
holding the required certificate or permit; and providing other
matters properly relating thereto.
Legislative Counsel’s Digest:
Section 8 of this bill: (1) requires the unit’s owner to
furnish the resale package at his own expense; and (2) requires the disclosure of
any transfer fees, transaction fees or other fees associated with the resale of the
unit.
Sec. 8. NRS 116.4109 is hereby amended to read as follows:
116.4109 1. Except in the case of a sale in which delivery of
a public offering statement is required, or unless exempt under
subsection 2 of NRS 116.4101, a unit’s owner or his authorized
agent shall , at the expense of the unit’s owner, furnish to a
purchaser a resale package containing all of the following:
(a) A copy of the declaration, other than any plats and plans, the
bylaws, the rules or regulations of the association and the
information statement required by NRS 116.41095;
(b) A statement setting forth the amount of the monthly
assessment for common expenses and any unpaid assessment of any
kind currently due from the selling unit’s owner;
(c) A copy of the current operating budget of the association and
current year-to-date financial statement for the association, which
must include a summary of the reserves of the association required
by NRS 116.31152 and which must include, without limitation, a
summary of the information described in paragraphs (a) to (e),
inclusive, of subsection 3 of NRS 116.31152; [and]
(d) A statement of any unsatisfied judgments or pending legal
actions against the association and the status of any pending legal
actions relating to the common-interest community of which the
unit’s owner has actual knowledge [.] ; and
(e) A statement of any transfer fees, transaction fees or any
other fees associated with the resale of a unit.
NRS 116.1104 Provisions of chapter may not be varied by agreement, waived or evaded; exceptions. Except
as expressly provided in this chapter, its provisions may not be varied
by agreement, and rights conferred by it may not be waived. A declarant
may not act under a power of attorney, or use any other device, to
evade the limitations or prohibitions of this chapter or the
declaration.
(Added to NRS by 1991, 539)
Assembly Bill No. 350–Assemblymen Munford, Kihuen,
Segerblom; Aizley, Anderson, Claborn, Denis, Gansert,
Hogan, McClain, Mortenson, Pierce, Settelmeyer and
Stewart
THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN
SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
Sections 1 and 1.5. (Deleted by amendment.)
Sec. 1.7. Chapter 116 of NRS is hereby amended by adding
thereto a new section to read as follows:
***
Sec. 21.7. Senate Bill No. 253 of this session is hereby
amended by adding thereto a new section to read as follows:
Sec. 10. 1. This section and section 8 of this act
become effective upon passage and approval.
Sections
21.3, 21.7 and 22 of this act effective June 9, 2009. Section 1.7 of
this act effective June 9, 2009, for the purpose of adopting
regulations and on January 1, 2010, for all other purposes. Sections
2.5 to 21, inclusive, of this act effective July 1, 2009
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