Nevada Remedies; Special Actions and Proceedings

Sec. § 40.665
Settlement by repurchase; certain offers of settlement deemed reasonable.

In addition to any other method provided for settling a claim pursuant to NRS 40.600 to 40.695, inclusive, a contractor may, pursuant to a written agreement entered into with a claimant, settle a claim by repurchasing the claimant’s residence and the real property upon which it is located. The agreement may include provisions which reimburse the claimant for:

1.

The market value of the residence as if no constructional defect existed, except that if a residence is less than 2 years of age and was purchased from the contractor against whom the claim is brought, the market value is the price at which the residence was sold to the claimant;

2.

The value of any improvements made to the property by a person other than the contractor;

3.

Reasonable attorney’s fees and fees for experts; and

4.

Any costs, including costs and expenses for moving and costs, points and fees for loans.
Ê Any offer of settlement made that includes the items listed in this section shall be deemed reasonable for the purposes of subsection 1 of NRS 40.650.
Source

Last accessed
Feb. 5, 2021

REMOVE ADS