NRS 116.31164
Foreclosure of liens: Procedure for conducting sale
- satisfaction of lien before sale
- purchase of unit by association
- execution and delivery of deed
- use of proceeds of sale.
1.
The sale must be conducted in accordance with the provisions of this section.2.
If the holder of the security interest described in paragraph (b) of subsection 2 of NRS 116.3116 satisfies the amount of the association’s lien that is prior to its security interest not later than 5 days before the date of sale, the sale may not occur unless a record of such satisfaction is recorded in the office of the county recorder of the county in which the unit is located not later than 2 days before the date of sale.3.
The sale must be made between the hours of 9 a.m. and 5 p.m. and:(a)
If the unit is located in a county whose population is less than 100,000, at the courthouse in the county in which the unit is located.(b)
If the unit is located in a county whose population is 100,000 or more, at the public location in the county designated by the governing body of the county to conduct a sale of real property pursuant to NRS 107.080.4.
The sale may be conducted by the association, its agent or attorney, or a title insurance company or escrow agent licensed to do business in this State.5.
The association or other person conducting the sale may from time to time postpone the sale by such advertisement and notice as it considers reasonable or, without further advertisement or notice, by proclamation made to the persons assembled at the time and place previously set and advertised for the sale, except that:(a)
If the sale is postponed by oral proclamation, the sale must be postponed to a later date at the same time and location; and(b)
If such a date has been postponed by oral proclamation three times, any new sale information must be provided by notice as provided in NRS 116.311635.6.
On the day of sale, at the time and place specified in the notice, the person conducting the sale:(a)
Shall state to the persons assembled for the sale whether or not the holder of the security interest described in paragraph (b) of subsection 2 of NRS 116.3116 has satisfied the amount of the association’s lien that is prior to that first security interest pursuant to subsection 3 of NRS 116.3116.(b)
May sell the unit at public auction to the highest cash bidder. Except as otherwise provided in this subsection, the person conducting the sale or any entity in which that person holds an interest may not become a purchaser at the sale. Unless otherwise provided in the declaration or by agreement, the association may purchase the unit and hold, lease, mortgage or convey it. The association may purchase by a credit bid up to the amount of the unpaid assessments and any permitted costs, fees and expenses incident to the enforcement of its lien.7.
After the sale, the person conducting the sale shall:(a)
Comply with the provisions of subsection 2 of NRS 116.31166; and(b)
Apply the proceeds of the sale for the following purposes in the following order:(1)
The reasonable expenses of sale;(2)
The reasonable expenses of securing possession before sale, holding, maintaining, and preparing the unit for sale, including payment of taxes and other governmental charges, premiums on hazard and liability insurance, and, to the extent provided for by the declaration, reasonable attorney’s fees and other legal expenses incurred by the association;(3)
Satisfaction of the association’s lien;(4)
Satisfaction in the order of priority of any subordinate claim of record; and(5)
Remittance of any excess to the unit’s owner.
Source:
Section 116.31164 — Foreclosure of liens: Procedure for conducting sale; satisfaction of lien before sale; purchase of unit by association; execution and delivery of deed; use of proceeds of sale., https://www.leg.state.nv.us/NRS/NRS-116.html#NRS116Sec31164.