NRS 116.31038
Delivery to association of property held or controlled by declarant.


In addition to any applicable requirement set forth in NRS 116.310395, within 30 days after units’ owners other than the declarant may elect a majority of the members of the executive board, the declarant shall deliver to the association all property of the units’ owners and of the association held by or controlled by the declarant, including:

1.

The original or a certified copy of the recorded declaration as amended, the articles of incorporation, articles of association, articles of organization, certificate of registration, certificate of limited partnership, certificate of trust or other documents of organization for the association, the bylaws, minute books and other books and records of the association and any rules or regulations which may have been adopted.

2.

An accounting for money of the association and audited financial statements for each fiscal year and any ancillary period from the date of the last audit of the association to the date the period of the declarant’s control ends. The financial statements must fairly and accurately report the association’s financial position. The declarant shall pay the costs of the ancillary audit. The ancillary audit must be delivered within 210 days after the date the period of the declarant’s control ends.

3.

A complete study of the reserves of the association, conducted by a person who is registered as a reserve study specialist pursuant to chapter 116A of NRS. At the time the control of the declarant ends, the declarant shall:

(a)

Except as otherwise provided in this paragraph, deliver to the association a reserve account that contains the declarant’s share of the amounts then due, and control of the account. If the declaration was recorded before October 1, 1999, and, at the time the control of the declarant ends, the declarant has failed to pay his or her share of the amounts due, the executive board shall authorize the declarant to pay the deficiency in installments for a period of 3 years, unless the declarant and the executive board agree to a shorter period.

(b)

Disclose, in writing, the amount by which the declarant has subsidized the association’s dues on a per unit or per lot basis.

4.

The association’s money or control thereof.

5.

All of the declarant’s tangible personal property that has been represented by the declarant as property of the association or, unless the declarant has disclosed in the public offering statement that all such personal property used in the common-interest community will remain the declarant’s property, all of the declarant’s tangible personal property that is necessary for, and has been used exclusively in, the operation and enjoyment of the common elements, and inventories of these properties.

6.

A copy of any plans and specifications used in the construction of the improvements in the common-interest community which were completed within 2 years before the declaration was recorded.

7.

All insurance policies then in force, in which the units’ owners, the association, or its directors and officers are named as insured persons.

8.

Copies of any certificates of occupancy that may have been issued with respect to any improvements comprising the common-interest community other than units in a planned community.

9.

Any renewable permits and approvals issued by governmental bodies applicable to the common-interest community which are in force and any other permits and approvals so issued and applicable which are required by law to be kept on the premises of the community.

10.

Written warranties of the contractor, subcontractors, suppliers and manufacturers that are still effective.

11.

A roster of owners and mortgagees of units and their addresses and telephone numbers, if known, as shown on the declarant’s records.

12.

Contracts of employment in which the association is a contracting party.

13.

Any contract for service in which the association is a contracting party or in which the association or the units’ owners have any obligation to pay a fee to the persons performing the services.

Source: Section 116.31038 — Delivery to association of property held or controlled by declarant., https://www.­leg.­state.­nv.­us/NRS/NRS-116.­html#NRS116Sec31038.

116.3101
Organization of unit-owners’ association.
116.3102
Powers of unit-owners’ association
116.3103
Power of executive board to act on behalf of association
116.3104
Transfer of special declarant’s right.
116.3105
Termination of contracts and leases of declarant.
116.3106
Bylaws.
116.3107
Upkeep of common-interest community.
116.31031
Power of executive board to impose fines and other sanctions for violations of governing documents
116.31032
Period of declarant’s control of association
116.31034
Election of members of executive board and officers of association
116.31035
Publications containing mention of candidate or ballot question: Requirements
116.31036
Removal of member of executive board.
116.31037
Indemnification and defense of member of executive board.
116.31038
Delivery to association of property held or controlled by declarant.
116.31039
Delivery to association of additional common elements constructed by declarant or successor declarant.
116.31043
Liabilities and obligations of person who succeeds to special declarant’s rights.
116.31046
Successor not subject to certain claims against or other obligations of transferor of special declarant’s right.
116.31065
Rules.
116.31068
Notice to units’ owners.
116.31073
Maintenance, repair, restoration and replacement of security walls.
116.310305
Power of executive board to impose construction penalties for failure of unit’s owner to adhere to certain schedules relating to design, construction, occupancy or use of unit or improvement.
116.310312
Power of executive board to enter grounds of unit to conduct certain maintenance or remove or abate public nuisance or to enter grounds or interior of unit to abate water or sewage leak or take other action
116.310313
Collection of past due obligation
116.310315
Accounting for fines imposed by association.
116.310395
Delivery to association of converted building reserve deficit.
Last Updated

Jun. 24, 2021

§ 116.31038’s source at nv​.us