Resale Package

NRS 116.4109 NRS 116.4109 Resales of units. [Effective through June 30, 2026.] 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 or her 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, the bylaws, the rules or regulations of the association and the information statement required by NRS 116.41095 . (b) A statement from the association setting forth the amount of the monthly assessment for common expenses and any unpaid obligation of any kind, including, without limitation, management fees, transfer fees, fines, penalties, interest, collection costs, foreclosure fees and attorney’s fees 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 . (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. (e) A statement of any transfer fees, transaction fees or any other fees associated with the resale of a unit. (f) In addition to any other document, a statement describing all current and expected fees or charges for each unit, including, without limitation, association fees, fines, assessments, late charges or penalties, interest rates on delinquent assessments, additional costs for collecting past due fines and charges for opening or closing any file for each unit. 2. The purchaser may, by written notice, cancel the contract of purchase until midnight of the fifth calendar day following the date of receipt of the resale package described in subsection 1, and the contract for purchase must contain a provision to that effect. If the purchaser elects to cancel a contract pursuant to this subsection, the purchaser must hand deliver the notice of cancellation to the unit’s owner or his or her authorized agent, mail the notice of cancellation by prepaid United States mail to the unit’s owner or his or her authorized agent or deliver the notice of cancellation by electronic transmission to the unit’s owner or his or her authorized agent. Cancellation is without penalty, and all payments made by the purchaser before cancellation must be refunded promptly. If the purchaser has accepted a conveyance of the unit, the purchaser is not entitled to: (a) Cancel the contract pursuant to this subsection; or (b) Damages, rescission or other relief based solely on the ground that the unit’s owner or his or her authorized agent failed to furnish the resale package, or any portion thereof, …

Showing excerpt. Read full text on official source →