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Do you need help creating a Nevada real estate purchase agreement? In that case, you have come to the right place! This article will provide all the necessary information you need to sell or purchase property.
Nevada Residential Purchase Agreement
The Nevada real estate purchase agreement (also known as the residential purchase and sale agreement) is a legal document that assists buyers and sellers in transferring ownership of residential property.
A buyer will put the conditions of their offer and a financial proposition to buy the property on the agreement.
Should the seller accept the buyer's purchase price, the seller will need to also detail how they intend to pay for the acquisition. After that, the seller can accept, make a counter offer, or reject the buyer's offer.
The transaction will be concluded and become legally binding when the buyer and seller agree on the terms and sign a sale agreement.
Disclosures
Nevada law requires that certain disclosures be provided prior to signing the purchase agreement. These disclosures must be provided to the buyer within 10 days of the close of the sale.
Whether you're relying on the Greater Las Vegas Association or another team of realtors to facilitate the sale or purchase of a property, it helps to know what disclosures are required. Here is a list of the required disclosures:
Condominium Hotels and Common Interest Community Properties
The seller is expected to advise the buyer of all the responsibilities, legal rights, and other pertinent details associated with residing in a common-interest community or condominium hotel when selling such property. NRS statutes 116.4103 through 116.4107 contain the full list of conditions that must be mentioned in the buyer's disclosure statement.
Lead-based Paint
Sellers must give the buyer a written statement outlining the possible risk of lead-based paint residues inside a home, except for real estate transactions involving property built after 1978.
Providing additional guidance on lead poisoning prevention and spotting dangerous paint residues is also essential in a real estate purchase agreement.
Open Range Disclosure
This disclosure applies when the property is located near an open range. It must inform the purchaser that they are not entitled to compensation for livestock wandering, grazing, or entering the property. Moreover, this disclosure must indicate that it is unlawful for them to injure, harm, or kill any animals that have entered the property.
According to R.S. 2477, the disclosure should also inform the prospective buyer that the land can be susceptible to rights-of-way claims from the state or county.
Water and Sewer Rates
The seller of the real estate must post a written notice with the charge rates for the amenities and the public utility.
Suppose a previously unsold residence obtains water or sewage treatment services from a public entity that serves between 25 and 2000 people.
In that case, it should also include the contact details for the Division of Consumer Complaint Resolution of the Public Utilities Commission of Nevada in a visible place. Prior to signing a contract of sale, the buyer must also have a copy of the notice.
Lien for Deferred Taxes
Liens for deferred taxes still outstanding when the sale was closed must be disclosed to the property buyer before signing the Nevada residential purchase agreement.
Impact Fees
Any real property seller who knows their buyer will be charged "impact fees" must notify them in writing that they are responsible for the fees, how much is still owed, and the name of the municipal authority charging the fee. If the seller fails to make a written disclosure, the obligations are passed to him or her.
Disclosure Of the Property's Condition
A property disclosure form must be completed by the home's seller detailing all known flaws and problems that could affect a property's value and ability to function properly. This statement must be provided at least 10 days before the property transfer.
Final Thoughts
Before signing a sale agreement, sellers are required to make certain disclosures. If you need help drawing up contracts for selling or purchasing real property, we can help! With DoorLoop, you can quickly and easily create custom real estate purchase agreement forms. Contact us to book a free demo!
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FAQs
How do I write a residential purchase agreement?
Download our free forms or use our property management software to create your real estate purchase agreement.
Do I have to disclose the condition of my property?
Yes. You must notify the seller of anything that could lower the property's value.
When do I have to provide the required disclosures?
Within 10 days of the close of sale.
When does the sale become legally binding?
When both parties sign a sale agreement.
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