Nevada Property Rights and Transactions

Sec. § 116.4101
Applicability; exceptions.


1.

NRS 116.4101 to 116.412, inclusive, apply to all units subject to this chapter, except as otherwise provided in subsection 2 or as modified or waived by agreement of purchasers of units in a common-interest community in which all units are restricted to nonresidential use.

2.

Neither a public offering statement nor a certificate of resale need be prepared or delivered in the case of a:

(a)

Gratuitous disposition of a unit;

(b)

Disposition pursuant to court order;

(c)

Disposition by a government or governmental agency;

(d)

Disposition by foreclosure or deed in lieu of foreclosure;

(e)

Disposition to a dealer;

(f)

Disposition that may be cancelled at any time and for any reason by the purchaser without penalty;

(g)

Disposition of a unit in a planned community which contains no more than 12 units if:

(1)

The declarant reasonably believes in good faith that the maximum assessment stated in the declaration will be sufficient to pay the expenses of the planned community; and

(2)

The declaration cannot be amended to increase the assessment during the period of the declarant’s control without the consent of all units’ owners; or

(h)

Disposition of a unit restricted to nonresidential purposes.
Source

Last accessed
Feb. 5, 2021