Verbatim from the public record. The law itself is a government work — always confirm the current version on the official source before you rely on it.
����� 1. In a condominium or planned community,
portions of the common elements may be conveyed or subjected to a security
interest by the association if persons entitled to cast at least a majority of
the votes in the association, including a majority of the votes allocated to
units not owned by a declarant, or any larger percentage the declaration
specifies, agree to that action; but all owners of units to which any limited
common element is allocated must agree in order to convey that limited common
element or subject it to a security interest. The declaration may specify a
smaller percentage only if all of the units are restricted exclusively to
nonresidential uses. Proceeds of the sale are an asset of the association.
����� 2. Part of a cooperative may be conveyed
and all or part of a cooperative may be subjected to a security interest by the
association if persons entitled to cast at least a majority of the votes in the
association, including a majority of the votes allocated to units not owned by
a declarant, or any larger percentage the declaration specifies, agree to that
action; but, if fewer than all of the units or limited common elements are to
be conveyed or subjected to a security interest, then all units� owners of those
units, or the units to which those limited common elements are allocated, must
agree in order to convey those units or limited common elements or subject them
to a security interest. The declaration may specify a smaller percentage only
if all of the units are restricted exclusively to nonresidential uses. Proceeds
of the sale are an asset of the association. Any purported conveyance or other
voluntary transfer of an entire cooperative, unless made pursuant to NRS 116.2118 , is void.
����� 3. An agreement to convey common elements
in a condominium or planned community, or to subject them to a security
interest, or in a cooperative, an agreement to convey any part of a cooperative
or subject it to a security interest, must be evidenced by the execution of an
agreement, or ratifications thereof, in the same manner as a deed, by the
requisite number of units� owners. The agreement must specify a date after
which the agreement will be void unless recorded before that date. The
agreement and all ratifications thereof must be recorded in every county in
which a portion of the common-interest community is situated, and is effective
only upon recordation.
����� 4. The association, on behalf of the
units� owners, may contract to convey an interest in a common-interest
community pursuant to subsection 1, but the contract is not enforceable against
the association until approved pursuant to subsections 1, 2 and 3. Thereafter,
the association has all powers necessary and appropriate to effect the
conveyance or encumbrance, including the power to execute deeds or other
instruments.
����� 5. Unless made pursuant to this section,
any purported conveyance, encumbrance, judicial sale or other voluntary
transfer of common elements or of any other part of a cooperative is void.
����� 6. A conveyance or encumbrance of common
elements or of a cooperative pursuant to this section does not deprive any unit
of its rights of access and support.
����� 7. Unless the declaration otherwise
provides, a conveyance or encumbrance of common elements pursuant to this
section does not affect the priority or validity of preexisting encumbrances.
����� 8. In a cooperative, the association may
acquire, hold, encumber or convey a proprietary lease without complying with
this section.