Nev. Admin. Code § 116B.500

Current through November 8, 2024

Section 116B.500 - Public offering statements: Inclusion of information relating to certain management agreements and use of units for transient rental purposes

1. In addition to the information required by NRS 116B.735, a public offering statement must also contain the following information:

(a) If a contract to manage the shared components and the hotel unit exists, the name of the hotel operator or management company that is a party to the contract and the terms of the contract; and

(b) A statement which reads substantially as follows:

Chapter 116B of NRS does not address or require the disclosure of information regarding the use of your unit as a transient rental. If you desire or intend to use your unit for transient rental purposes, you should be aware that, before the execution of a contract to purchase a unit, federal law severely limits the provision of any information regarding the use of your unit for transient rental purposes. In making a decision whether to use your unit for transient rental purposes after executing a contract to purchase the unit, you should carefully evaluate all information provided to you by a rental management company or the hotel operator or an agent of the hotel operator. As part of your review of such information, you should also consult with a competent professional such as an attorney or an accountant to assist you in your review and evaluation of the information provided by the rental management company or the hotel operator or his or her agent.

2. If the name of the hotel operator or management company and the terms of a contract are included pursuant to paragraph (a) of subsection 1, an additional statement providing that no guarantees, representations or warranties are made regarding the identity of the hotel operator or management company or the name of the condominium hotel may also be included.

Nev. Admin. Code § 116B.500

Added to NAC by Comm'n for Common-Interest Communities & Condo. Hotels by R186-07, eff. 5-5-2011

NRS 116B.785, 116B.805