Nevada Real Estate Division

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Nevada Real Estate DivisionUTIES OWED BY ANEVADA LICENSEEMPACT FEESOIL REPORTNevada Real Estate DivisionR IEN FOR DEFERREDTAXESA few things you need to knowbefore buying or selling a homein Nevada.PEN RANGERevisedJune 2014ELLER’S REAL PROPERTYDISCLOSURESED MOBILE HOMESESIDENTIAL POOL SAFETYAND DROWNING PREVENTIONNVIRONMENTAL HAZARDSEWER AND WATERRATESJune 2014622State of NevadaDepartment of Business & IndustryReal Estate Division

IntroductionNevada Real Estate DivisionThe Department of Business and Industry—Nevada Real EstateDivision has developed this booklet to increase consumer awareness andunderstanding of disclosures that may be required by a buyer or sellerduring the sale or purchase of a residential property in the State ofNevada.In almost every real estate transaction, some form of written disclosureis required. For example, real estate licensees must disclose if they arerelated to a party in the transaction or affiliated with the lender involvedin approving the loan for that particular transaction. Sellers, for instance,are responsible for disclosing material facts, data and other informationrelating to the property they are attempting to sell. And buyers, in somecases, must disclose if they are choosing to waive their 10-dayopportunity to conduct a risk assessment of lead hazards.These are only a few examples of what must be disclosed during a realestatet r a ns a c t i o n .Whileitisimpossibletooutline which disclosures are needed in every situation (as each realestate transaction is unique), this booklet contains discussions on themost commonly required state, federal and local aleofresidential properties in this booklet apply only to the state of Nevada.This guide, however, does not specifically address vacant land orcommercial properties.We hope that you will find this booklet helpful and thatit becomes a valuable resource during your real estate transaction. Formore information, please visit our website at www.red.state.nv.us.Published pursuant to NRS 645.194 by the Nevada Real Estate Division inboth electronic and hardcopy formats. 2006-2014 Nevada Real Estate Division, Department of Business & Industry,State of Nevada. All rights reserved.First reprint: January 2007Second reprint: April 2008Third reprint: August 2010This booklet is state-issued and maynot be modified or altered in any way.It may be reproduced as needed anddownloaded for printing from theDivision’s website athttp://red.state.nv.us /publications/rdg.htm622Fourth reprint: October 2011Fifth reprint: November 2011Sixth reprint: June 2014Nevada Real Estate DivisionLAS VEGAS2501 E. Sahara Ave.Suite 101Ph: (702) 486-4033Fax: (702) 486-4275CARSON CITY1179 Fairview Dr.Suite EPh: (775) 687-4280Fax: (775) 687-4868Website: www.red.state.nv.usR ESIDENTIALD ISCLOSUREGUIDEState of NevadaDepartment ofBusiness & IndustryReal Estate DivisionI/We acknowledge that I/we have received a copy of theResidential Disclosure Guide.DATEClient—Print NameClient—SignatureClient—Print NameClient—SignatureMake copy of page for additional signatures.Retain original or copy in each transaction file.

Contact InformationTable of ContentsState DisclosuresCommon-Interest Communities andNevada Real Estate Division (LV)2501 East Sahara, Suite 101Las Vegas, NV 89104Phone: (702) 486-4033Fax: (702) 486-4275Email: realest@red.state.nv.usWebsite: www.red.state.nv.usNevada Real Estate Division (CC)1179 Fairview Drive, Suite ECarson City, NV 89701Phone: (775) 687-4280Fax: (775) 687-4868Email: realest@red.state.nv.usWebsite: www.red.state.nv.usManufactured HousingDivision (LV)2501 East Sahara, Suite 204Las Vegas, NV 89104Phone: (702) 486-4135Fax: (702) 486-4309Email: nmhd@mhd.state.nv.usWebsite: http://mhd.nv.govManufactured HousingDivision (CC)1830 E. College Pkwy., #120Carson City, Nevada 89706Phone: (775) 684-2940Fax: (775) 684-2949Email: nmhd@mhd.state.nv.usWebsite: http://mhd.nv.govCondominium Hotels .4Consent to Act .8Construction Defects .9Duties Owed By a Nevada Real Estate Licensee . 10Impact Fees. 12Lien for Deferred Taxes . 13Manufactured Housing—Used Manufactured/Mobile Homes . 14Manufactured Home Parks . 15Open Range Disclosure . 16Private Transfer Fee Obligation . 18Seller’s Real Property Disclosure . 19Ombudsman Office(Common-Interest Communities)2501 East Sahara, Suite 202Las Vegas, NV 89104Phone: (702) 486-4480Toll Free: (877) 829-9907Fax: (702) 486-4520Email: CICOmbudsman@red.state.nv.usWebsite: http://red.state.nv.us/cic.htmU.S. Environmental Protection Agency1200 Pennsylvania Avenue, N.W.Washington, DC 20460Phone: (202) 272-0167Website: www.epa.govNational Lead Information Center422 South Clinton AvenueRochester, NY 14620Phone: (800) 424-LEADFax: (585) 232-3111Website: l-lead-information-centerDepartment of Health and HumanServices – Center for Disease Control &Prevention1600 Clifton RoadAtlanta, GA 30333Phone: 800-CDC-INFO (800-232-4636)Website: www.cdc.govU.S. Consumer Product Safety Commission4330 East West HighwayBethesda, MD 20814Phone: (301) 504-7923Fax: (301) 504-0124Website: www.cpsc.govWater & Sewer Rates . 22Federal/Local/Miscellaneous DisclosuresLead-Based Paint . 23Pool Safety & Drowning Prevention . 24Airport Noise. 25Building & Zoning Codes . 25Environmental Hazards . 25Gaming (Initial Purchaser in New Construction Only) . 26Home Inspections . 26Military Activities . 27Licensee Disclosures . 27Road Maintenance District . 27Soil Report (New Construction Only) . 28Contact Information . 30Acknowledgement Form . 31

Common-Interest Communitiesand Condominium Hotels Purpose of DisclosureThe purpose of the information statement required whenpurchasing a home or unit in a common-interestcommunity or a condominium hotel is to make the buyeraware of all rights, obligations and other aspects relatedto owning a unit within a common-interest community(also known as a homeowner’s association) or acondominium hotel. The statement makes buyers awarethat use of their units can be restricted by the Declarationor CC&R’s. It also alerts buyers that foreclosure of theunit is possible for failure to pay assessments. Who must provide the disclosure?The seller must, at seller’s expense, provide aninformation statement with the sale of any unit within acommon-interest community or condominium hotel. Thestatement is entitled “BEFORE YOU PURCHASE PROPERTYIN A [COMMON-INTEREST COMMUNITY] [CONDOMINIUMHOTEL] DID YOU KNOW.” When is it due?In a transaction requiring a public offering statement(further detailed blow), the information statement is partof the public offering statement and is due no later thanthe date an offer to purchase becomes binding on thebuyer. If the unit has not been inspected by the buyer,the buyer will have 5 calendar days to cancel the contractfrom the date of execution.In a resale transaction, the information statement is partof the resale package. A buyer has 5 calendar days tocancel the contract after receipt of the resale package. Itis good practice to provide the information statement nolater than 5 days before the contract becomes binding onthe buyer in any type of transaction.4State

Common-Interest Communitiesand Condominium HotelsMiscellaneous DisclosuresContinued from previous page(Continued from previous page ) SOIL REPORT (New Construction Only)If the property has not been occupied by the buyer morethan 120 days before completion, the seller must givenotice of any soil report prepared for the property or forthe subdivision in which the property is located.The seller must provide such notice upon signing the salesagreement.Upon receiving the notice, the buyer must submit awritten request within 5 days for a copy of the actualreport. The seller must provide a free report to the buyerwithin 5 days of receiving such request.Upon receiving the soil report, the buyer has 20 days torescind the sales agreement. This rescission right may bewaived, in writing, by the buyer.For more information, see: NRS 113.135. Additional InformationPublic Offering StatementIf the property is a new unit in a common-interestcommunity or a condominium hotel, or if the communityis subject to any developmental rights, or containsconverted buildings or contains units which may be in atime share, or is registered with the Securities andExchange Commission, the buyer must also be providedwith a Public Offering Statement disclosing applicableinformation, including:-development rights of contractorsconstruction scheduledescription of proposed improvementsmechanical & electrical installationsinitial or special feesnumber & identity of units in timeshareUnless the buyer has personally inspected the unit, thebuyer may cancel the contract to purchase, by writtennotice, until midnight of the fifth calendar day followingthe date of execution of the contract. This provision mustbe stated in the contract.Resale PackageIn transactions involving the resale of a unit previouslysold by the developer, a resale package must be providedto the buyer at the expense of the seller. In addition tothe information statement, the resale package includesthe following: the declaration, bylaws, rules andregulations, monthly assessments, unpaid assessments ofany kind, current operating budget, financial statement,reserve summary, unsatisfied judgments, and status ofany pending legal actions.(Continued on next page )28 Local/MiscellaneousState5

Common-Interest Communitiesand Condominium HotelsMiscellaneous DisclosuresContinued from previous page HOME INSPECTIONS(Continued from previous page )Transfer FeesDo not pertain to Condominium HotelsThe resale package for a home or unit in a commoninterest community must also include a statement of anytransfer fees, transaction fees or any other feesassociated with the resale of a unit.Unpaid ObligationsDo not pertain to Condominium HotelsThe resale package for a home or unit in a commoninterest community must also include a statement fromthe association setting forth the amount of the monthlyassessment for common expenses and any unpaidobligations that are due from the selling unit’s owner,including management fees, transfer fees, fines, penalties,interest, collection costs, foreclosure fees and attorney’sfee. Please be advised that while the resale packageincludes this information, changes to the law in 2013 nolonger allow a seller or buyer to rely on this statement asaccurate. The seller must obtain a “statement of demand”which is separate from the resale package.Delivery of Resale PackageAn association or hotel unit owner has 10 days to providethe resale package after a request. If the documents arenot provided within 10 days the buyer is not liable for anydelinquent assessment. The resale package should bedelivered as soon as practicable. Unless the buyer hasaccepted conveyance of the unit, the buyer may cancelthe contract to purchase, by written notice, until midnightof the fifth calendar day following receipt of the resalepackage. This provision must be stated in the contract.6StateWhen obtaining an FHA-insured loan, this disclosureinforms the buyer about the limits of the Federal HousingAdministration appraisal inspection and suggests thebuyer obtain a home inspection to evaluate the physicalcondition of the property prior to purchase. The form isentitled, “For Your Protection: Get a Home Inspection.”For more information on FHA home inspections, visit:www.hud.gov. MILITARY ACTIVITIESThe purpose of the Military Activities Disclosure is to makethe purchaser of residential property aware of planned oranticipated military activity within the proximity of theproperty. Counties in which the military files MilitaryActivities Plans include Clark County, Washoe County,Churchill County and Mineral County.For more information on military activities plans in thesecounties, contact the local municipal jurisdiction or thePublic Information Officer of the Military Installation inyour county. LICENSEE DISCLOSURESIn addition to the “Consent to Act” and the “Duties Owedby a Nevada Real Estate Licensee” forms (see pages 8 &10), a real estate licensee is required to disclose otherinformation such as his relationship to one or more partiesin the transaction and/or having a personal interest in theproperty.For more information regarding duties and disclosures owed by alicensee, see: NRS 645.252-645.254, NAC 645.637 and NAC645.640.(Continued on next page )Local/Miscellaneous 27

Miscellaneous Disclosures(Continued from previous page ) Underground Storage Tanks (http://epa.gov/oust/index.htm) Septic Systems (http://water.epa.gov/infrastructure/septic/) Wells (http://water.epa.gov/drink/info/well/index.cfm) Contaminated Soils (http://www.epa.gov/nrmrl/lrpcd/contamin ss.html) Groundwater (http://water.epa.gov/drink/resources/topics.cfm) Public Pools & Spas (http://www.poolsafely.gov/)For more information on environmental hazards, visit:www.epa.gov. GAMINGInitial Purchaser in New Construction OnlyIf there is a gaming district near the property, the sellermust disclose information which includes a copy of themost recent gaming enterprise district map, the locationof the nearest gaming enterprise district, and notice thatthe map is subject to change. This disclosure is requiredfor Nevada counties with population over 400,000.The information must be provided at least 24 hours beforethe seller signs the sales agreement. The buyer maywaive the 24-hour period.The seller must retain a copy of the disclosure.For more information on gaming, see: NRS 113.080Common-Interest Communitiesand Condominium HotelsStatement of DemandDoes not pertain to Condominium HotelsThe statement of fees and assessments in the resalepackage may not be relied upon. It is necessary for anyseller to purchase a statement of demand from theassociation and provide it to the buyer. The statement ofdemand may be requested by the unit owner, his or herrepresentative or the holder of a security interest on theunit. A statement of demand from the association setsforth the current outstanding assessments, fees andunpaid obligations, including foreclosure fees andattorney’s fees due from the seller. The statement ofdemand remains effective for the period specified in thedemand which must not be less than 15 business daysfrom the date of delivery by the association to the seller.The association may provide a corrected statement ofdemand prior to the sale. Payment of the amount setforth in the statement of demand constitutes full paymentof the amount due from the seller.[NRS 116 governs Common-Interest Communities;NRS 116B governs Condominium Hotels]For more information:Form: Before You Purchase Property in a Common-Interest Community DidYou Know. Or Before You Purchase Property in a Condominium HotelDid You Know.Website: http://red.state.nv.us/forms/584.pdf or http://red.state.nv.us/forms/584a.pdfNRS: 116.4101-116.412; NAC: 116.151, 116.465, 116.470NRS: 116B.725-116B.795; NAC: 116B.500-116B.53026 Local/MiscellaneousState7

Consent to Act Purpose of DisclosureThe purpose of the Consent to Act form is for the licensee toobtain the written consent to act for more than one party in atransaction. Who must provide the disclosure?The licensee must provide this form to all parties in thetransaction if he seeks to act for more than one party. When is it due?If a licensee makes such a disclosure, the consent must beobtained from all parties before the licensee may continue toact in his capacity as an agent. Additional InformationThe written consent must include:Miscellaneous DisclosuresDepending upon the transaction, the following disclosures may alsobe required from a buyer, seller or licensee: AIRPORT NOISEBuyers should investigate the impact of airport flightpaths and the noise levels at different times of the dayover that property. BUILDING & ZONING CODESThe purpose of the building and zoning disclosure is toinform the buyer of transportation beltways and/orplanned or anticipated land use within proximity of thesubject property of which the seller has knowledge.For more information on building and zoning codes, contact yourlocal jurisdiction.1. A description of the real estate transaction;2. A statement that the licensee is acting for two or moreparties to the transaction and that, in acting for theseparties, the licensee has a conflict of interest;3. A statement that the licensee will not disclose anyconfidential information for 1 year after the revocation ortermination of the brokerage agreement unless he isrequired to do so per court order or he is given writtenpermission by that party;4. A statement that a party is not required to consent to thelicensee acting on his behalf;5. A statement that the party is giving his consent withoutcoercion and understands the terms of the consent given.For more information:Form: Consent to ActWebsite: http://red.state.nv.us/forms/524.pdfNRS: 645.252-2548State ENVIRONMENTAL HAZARDSAlthough the seller is required to disclose the presence ofenvironmental hazards, a statement that the seller is notaware of a defect or hazard does not mean that it doesnot exist. It is the buyer’s responsibility to beinformed and take additional steps to furtherinvestigate. Some potential hazards that may be foundin Nevada include: Radon (www.epa.gov/radon)Floods (http://www.floodsmart.gov)Methamphetamine Labs (NRS 40.770 & 489.776)Wood-Burning Devices ed on next page )Local/Miscellaneous 25

Pool Safety and DrowningPrevention Disclosure Purpose of DisclosureThe purpose of the Southern Nevada Health District’s poolsafety and drowning prevention disclosure is to make thebuyer aware of the risk of death by drowning in private andpublic pools particularly for children 4 years or younger. Who must provide the disclosure?The information is provided by the Nevada Real EstateDivision (NRED) in agreement with the Southern NevadaHealth District (SNHD) to promote SNHD’s efforts to informthe public on drowning prevention. When is it due?The disclosure will be provided to the buyer before the salesagreement is signed by way of the Residential DisclosureGuide in which it is contained. The buyer is advised to visitSNHD’s g/health-topics/drowning-prevention.php. Additional InformationDrowning is the leading cause of unintentional injury death inClark County for children four years of age and under. Themajority of drowning deaths occur in the family pool.Preventable mistakes include leaving a child unattended neara body of water in which a child’s nose and mouth can besubmerged.More information on drowning facts, preventable mistakes,how to be prepared to prevent a drowning, pool security,drowning statistics, adult supervision and more can beobtained at SNHD’s website at -topics

Introduction T he Department of Business and Industry—Nevada Real Estate Division has developed this booklet to increase consumer awareness and understanding of disclosures that may be required by a buyer or seller during the sale or purchase of a residential property in the State of Nevada.

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