Foreclosure of Liens (Title and Redemption)

NRS 116.31166 NRS 116.31166 Foreclosure of liens: Title vested in purchaser subject to right of redemption; sale does not extinguish first security interest if superior amount of lien is satisfied; certificate of sale; exercise of right of redemption; deed without warranty; effect of recitals in deed; bona fide purchasers and bona fide encumbrancers for value. 1. Every sale of a unit pursuant to NRS 116.31162 to 116.31168 , inclusive, vests in the purchaser the title of the unit’s owner subject to the right of redemption provided by this section. If the holder of the security interest described in paragraph (b) of subsection 2 of NRS 116.3116 satisfies the amount of the association’s lien that is prior to its security interest not later than 5 days before the date of sale, the sale of the unit does not extinguish that security interest to any extent. 2. After the sale conducted pursuant to NRS 116.31164 , the person conducting the sale shall: (a) Give to the purchaser a certificate of the sale containing: (1) A particular description of the unit sold; (2) The price bid for the unit; (3) The whole price paid; and (4) A statement that the unit is subject to redemption; and (b) Record a copy of the certificate in the office of the county recorder of the county in which the unit or part of it is located. 3. A unit sold pursuant to NRS 116.31162 to 116.31168 , inclusive, may be redeemed by the unit’s owner whose interest in the unit was extinguished by the sale, or his or her successor in interest, or any holder of a recorded security interest that is subordinate to the lien on which the unit was sold, or that holder’s successor in interest. The unit’s owner whose interest in the unit was extinguished, the holder of the recorded security interest on the unit or a successor in interest of those persons may redeem the property at any time within 60 days after the sale by paying: (a) The purchaser the amount of his or her purchase price, with interest at the rate of 1 percent per month thereon in addition, to the time of redemption, plus: (1) The amount of any assessment, taxes or payments toward liens which were created before the purchase and which the purchaser may have paid thereon after the purchase, and interest on such amount; (2) If the purchaser is also a creditor having a prior lien to that of the redemptioner, other than the association’s lien under which the purchase was made, the amount of such lien, and interest on such amount; and (3) Any reasonable amount expended by the purchaser which is reasonably necessary to maintain and repair the unit in accordance with the standards set forth in the governing documents, including, without limitation, any provisions governing maintenance, standing water or snow removal; and (b) If the redemptioner is the holder of a recorded security interest on the unit or the holder’s successor in interest, …

Showing excerpt. Read full text on official source →