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Nevada Revised Statutes Title 54. Professions, Occupations and Businesses § 645.8761. Broker has claim upon owner's net proceeds for earned commissions; conditions and limitations on enforcement of claim; waiver; inapplicability to third-party claims; obligation to close escrow unaffected by claim

Current as of January 01, 2025 | Updated by Findlaw Staff

1. A real estate broker has a claim upon the owner's net proceeds from the disposition of commercial real estate for any commission earned by the real estate broker pursuant to a brokerage agreement. For the purposes of this subsection, a commission shall be deemed to be earned when the real estate broker has performed his or her duties pursuant to the brokerage agreement.

2. The claim belongs to the real estate broker named in the brokerage agreement and not to an employee or independent contractor of the real estate broker.

3. A claim that is recorded pursuant to the provisions of NRS 645.8775:

(a) Is a claim upon personal property and does not attach to the title of any real property.

(b) May be waived if, on or before the date the brokerage agreement is executed, the real estate broker signs a written waiver of the real estate broker’s right to enforce the claim. The waiver must be printed in uppercase letters and must be limited to one transaction. A person other than the real estate broker may not waive the rights of the real estate broker pursuant to this section, regardless of whether that person may execute and bind the real estate broker to a brokerage agreement.

(c) May not be enforced by a person other than the real estate broker and the owner.

4. A claim of a third party may not be brought or otherwise adjudicated pursuant to the provisions of NRS 645.8701 to 645.8811, inclusive.

5. The recording or enforcement of a claim by a real estate broker pursuant to the provisions of NRS 645.8701 to 645.8811, inclusive, does not relieve the owner of his or her obligation to close escrow for any commercial real estate.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 54. Professions, Occupations and Businesses § 645.8761. Broker has claim upon owner's net proceeds for earned commissions; conditions and limitations on enforcement of claim; waiver; inapplicability to third-party claims; obligation to close escrow unaffected by claim - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-54-professions-occupations-and-businesses/nv-rev-st-645-8761/

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