Current as of January 01, 2020 | Updated by FindLaw Staff
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(a) Before an executory contract is signed by the purchaser, the seller shall provide the purchaser with:
(1) a survey, which was completed within the past year, or plat of a current survey of the real property;
(2) a legible copy of any document that describes an encumbrance or other claim, including a restrictive covenant or easement, that affects title to the real property; and
(3) a written notice, which must be attached to the contract, informing the purchaser of the condition of the property that must, at a minimum, be executed by the seller and purchaser and read substantially similar to the following:
IF ANY OF THE ITEMS BELOW HAVE NOT BEEN CHECKED, YOU MAY NOT BE ABLE TO LIVE ON THE PROPERTY.
CONCERNING THE PROPERTY AT (street address or legal description and city)
THIS DOCUMENT STATES CERTAIN APPLICABLE FACTS ABOUT THE PROPERTY YOU ARE CONSIDERING PURCHASING.
CHECK ALL THE ITEMS THAT ARE APPLICABLE OR TRUE:
____ The property is in a recorded subdivision.
____ The property has water service that provides potable water.
____ The property has sewer service.
____ The property has been approved by the appropriate municipal, county, or state agency for installation of a septic system.
____ The property has electric service.
____ The property is not in a floodplain.
____ The roads to the boundaries of the property are paved and maintained by:
____ ____ the seller;
____ ____ the owner of the property on which the road exists;
____ ____ the municipality;
____ ____ the county; or
____ ____ the state.
____ No individual or entity other than the seller:
____ (1) owns the property;
____ (2) has a claim of ownership to the property; or
____ (3) has an interest in the property.
____ No individual or entity has a lien filed against the property.
____ There are no restrictive covenants, easements, or other title exceptions or encumbrances that prohibit construction of a house on the property.
NOTICE: SELLER ADVISES PURCHASER TO:
(1) OBTAIN A TITLE ABSTRACT OR TITLE COMMITMENT COVERING THE PROPERTY AND HAVE THE ABSTRACT OR COMMITMENT REVIEWED BY AN ATTORNEY BEFORE SIGNING A CONTRACT OF THIS TYPE; AND
(2) PURCHASE AN OWNER'S POLICY OF TITLE INSURANCE COVERING THE PROPERTY.
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_________________________________________________ |
_________________________________________________ |
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(Date) |
(Signature of Seller) |
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_________________________________________________ |
_________________________________________________ |
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(Date) |
(Signature of Purchaser) |
(b) If the property is not located in a recorded subdivision, the seller shall provide the purchaser with a separate disclosure form stating that utilities may not be available to the property until the subdivision is recorded as required by law.
(c) If the seller advertises property for sale under an executory contract, the advertisement must disclose information regarding the availability of water, sewer, and electric service.
(d) The seller's failure to provide information required by this section:
(1) is a false, misleading, or deceptive act or practice within the meaning of Section 17.46, Business & Commerce Code, and is actionable in a public or private suit brought under Subchapter E, Chapter 17, Business & Commerce Code; 1 and
(2) entitles the purchaser to cancel and rescind the executory contract and receive a full refund of all payments made to the seller.
(e) Subsection (d) does not limit the purchaser's remedy against the seller for other false, misleading, or deceptive acts or practices actionable in a suit brought under Subchapter E, Chapter 17, Business & Commerce Code.
Cite this article: FindLaw.com - Nevada Revised Statutes Title 19. Miscellaneous Matters Related to Government and Public Affairs § 240A.300. Private actions; recovery of double damages - last updated January 01, 2020 | https://codes.findlaw.com/nv/title-19-miscellaneous-matters-related-to-government-and-public-affairs/nv-rev-st-240a-300/
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