Nev. Admin. Code § 119.160

Current through October 11, 2024

Section 119.160 - Property report: Front page; contents

1. The property report issued by the Division pursuant to NRS 119.160 will have a cover sheet as follows, with the language "CONSUMER SHOULD READ THIS REPORT BEFORE SIGNING ANY PAPER" printed in red:

THE PROPERTY REPORT OF

THE NEVADA LAW REGULATING

SUBDIVISION SALES REQUIRES THAT:

FIRST: A prospective purchaser or lessee MUST BE GIVEN this subdivision Property Report;

SECOND: The broker or salesperson MUST REVIEW the contents of this Property Report with you;

THIRD: If you purchase any property you MUST SIGN A RECEIPT indicating you have received this Property Report;

IT IS RECOMMENDED THAT:

FIRST: You DO NOT SIGN ANY CONTRACT OR AGREEMENT before you have thoroughly read and understood it and this Property Report;

SECOND: You SEE THE EXACT PROPERTY you may be considering BEFORE SIGNING any agreement for a reservation, option, lease or purchase.

NEVADA LAW STATES:

You may cancel this contract of sale, by written notice, until midnight of the 5th calendar day following the date of execution of the contract. The right of cancellation may not be waived. Any attempt by the developer to obtain such a waiver results in a contract which is voidable by the purchaser.

The notice of cancellation must be delivered personally to the developer or sent by certified mail or telegraph to the business address of the developer.

The developer shall, within 15 days after receipt of the notice of cancellation, return all payments made by the purchaser.

2. The property report may contain any of the information submitted to the Division in the Nevada statement of record. In addition, if the Administrator determines that:

(a) A property report would be misleading without the inclusion of general or specific cautionary statements directed to prospective purchasers, the Administrator will include those statements which he or she deems to be material to an offer.

(b) Certain information in the property report should be emphasized in order to avoid misleading purchasers, the Administrator will emphasize that information.

3. The property report will also include:

(a) A form to be completed by the purchaser indicating receipt of the property report; and

(b) A form with which the purchaser may revoke the purchase.

Nev. Admin. Code § 119.160

[Real Estate Div., § 23, eff. 7-16-80]-(NAC A 10-23-87)

NRS 119.160, 119.240