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. 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) Except as otherwise provided in subsection 7,
may sell the unit at public auction to the highest cash bidder.
����� 7. The following persons may not purchase
the unit:
����� (a) Any person who was involved in the process of
foreclosing the association�s lien pursuant to NRS 116.3116 to 116.31168 , inclusive, including, without
limitation:
������������ (1) Any person who exercised discretion in
any decision relating to the foreclosure of the lien and any person employed by
such a person;
������������ (2) A collection agency used by the
association to collect an obligation relating to the unit;
������������ (3) A community manager of the association
and any of his or her assistants;
������������ (4) A member of the executive board of the
association; or
������������ (5) An attorney who provided
representation to any of the parties with regard to the foreclosure of the
lien;
����� (b) Any person who is related by blood, adoption,
marriage or domestic partnership within the third degree of consanguinity or
affinity to a person set forth in paragraph (a); or
����� (c) The person conducting the sale or any entity
in which that person holds an interest.
����� 8. 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.