Nevada Administrative Code Chapter 113 - Sales of Real Property
Nevada Administrative Code (NAC) Chapter 113 – Sales of Real Property focuses on regulations and disclosures required in the sale of residential real property in Nevada. It implements and supplements NRS Chapter 113, which governs mandatory disclosures in property transactions.
🔑 Key Provisions of NAC Chapter 113
1. Seller’s Real Property Disclosure (SRPD) Form
Required Use: Sellers of residential property must complete the SRPD form (standardized by the Real Estate Division).
Form Content: Discloses known conditions affecting the property such as structural issues, environmental hazards, pest infestations, plumbing/electrical systems, etc.
Delivery Timing: Must be delivered to the buyer before the sale is closed.
2. Waiver of Disclosure Requirements
Disclosure can be waived only in specific cases, such as foreclosure sales, transfers between spouses, or new home sales by a licensed contractor.
3. Buyer’s Right to Rescind
Buyers have five (5) calendar days after receiving the completed disclosure form to cancel the purchase agreement without penalty.
4. Amendments to Disclosure
If a material defect is discovered after the form has been delivered but before closing, the seller must amend the disclosure and provide the updated version.
5. Duties of Real Estate Licensees
Must ensure that the disclosure form is completed, delivered, and signed.
Must not complete the form on behalf of the seller.
Have a duty to disclose known adverse facts, even if not on the form.
6. Penalties for Noncompliance
Sellers who fail to provide the form or intentionally misrepresent facts may be liable for damages, court costs, and attorney’s fees.
7. Special Rules
For properties located in common-interest communities, additional disclosures are required under NRS 116 (HOAs).
Properties built before 1978 require separate Lead-Based Paint disclosures under federal law.
📘 Administrative References
NAC § 113.100–113.150: Details procedures and content requirements for disclosure forms.
Forms Provided by Real Estate Division: Must be used; available through the Nevada Real Estate Division (NRED).
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