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. Every sale of a unit pursuant to NRS 116.31162 to 116.31168 , inclusive, vests in the
purchaser the title of the unit�s owner subject to the right of redemption
provided by this section. 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
of the unit does not extinguish that security interest to any extent.
����� 2. After the sale conducted pursuant to NRS 116.31164 , the person conducting the
sale shall:
����� (a) Give to the purchaser a certificate of the
sale containing:
������������ (1) A particular description of the unit
sold;
������������ (2) The price bid for the unit;
������������ (3) The whole price paid; and
������������ (4) A statement that the unit is subject
to redemption; and
����� (b) Record a copy of the certificate in the
office of the county recorder of the county in which the unit or part of it is
located.
����� 3. A unit sold pursuant to NRS 116.31162 to 116.31168 , inclusive, may be redeemed by
the unit�s owner whose interest in the unit was extinguished by the sale, or
his or her successor in interest, or any holder of a recorded security interest
that is subordinate to the lien on which the unit was sold, or that holder�s
successor in interest. The unit�s owner whose interest in the unit was
extinguished, the holder of the recorded security interest on the unit or a
successor in interest of those persons may redeem the property at any time
within 60 days after the sale by paying:
����� (a) The purchaser the amount of his or her
purchase price, with interest at the rate of 1 percent per month thereon in
addition, to the time of redemption, plus:
������������ (1) The amount of any assessment, taxes or
payments toward liens which were created before the purchase and which the
purchaser may have paid thereon after the purchase, and interest on such
amount;
������������ (2) If the purchaser is also a creditor
having a prior lien to that of the redemptioner, other than the association�s
lien under which the purchase was made, the amount of such lien, and interest
on such amount; and
������������ (3) Any reasonable amount expended by the
purchaser which is reasonably necessary to maintain and repair the unit in
accordance with the standards set forth in the governing documents, including,
without limitation, any provisions governing maintenance, standing water or
snow removal; and
����� (b) If the redemptioner is the holder of a
recorded security interest on the unit or the holder�s successor in interest,
the amount of any lien before his or her own lien, with interest, but the
association�s lien under which the unit was sold is not required to be so paid
as a lien.
����� 4. Notice of redemption must be served by
the person redeeming the unit on the person who conducted the sale and on the
person from whom the unit is redeemed, together with:
����� (a) If the person redeeming the unit is the
unit�s owner whose interest in the unit was extinguished by the sale or his or
her successor in interest, a certified copy of the deed to the unit and, if the
person redeeming the unit is the successor of that unit�s owner, a copy of any
document necessary to establish that the person is the successor of the unit�s
owner.
����� (b) If the person redeeming the unit is the
holder of a recorded security interest on the unit or the holder�s successor in
interest:
������������ (1) An original or certified copy of the
deed of trust securing the unit or a certified copy of any other recorded
security interest of the holder.
����� ����� (2) A copy of any assignment necessary to
establish the claim of the person redeeming the unit, verified by the affidavit
of that person, or that person�s agent, or of a subscribing witness thereto.
������������ (3) An affidavit by the person redeeming
the unit, or that person�s agent, showing the amount then actually due on the
lien.
����� 5. If the unit�s owner whose interest in
the unit was extinguished by the sale redeems the property as provided in this
section:
����� (a) The effect of the sale is terminated, and the
unit�s owner is restored to his or her interest in the unit, subject to any
security interest on the unit that existed at the time of sale; and
����� (b) The person to whom the redemption amount was
paid must execute and deliver to the unit�s owner a certificate of redemption,
acknowledged or approved before a person authorized to take acknowledgments of
conveyances of real property, and the certificate must be recorded in the
office of the recorder of the county in which the unit or part of the unit is
situated.
����� 6. If the holder of a recorded security
interest redeems the unit as provided in this section and the period for a
redemption set forth in subsection 3 has expired, the person conducting the
sale shall:
����� (a) Make, execute and, if the amount required to
redeem the unit is paid to the person from whom the unit is redeemed, deliver
to the person who redeemed the unit or his or her successor or assign, a deed
without warranty which conveys to the person who redeemed the unit all title of
the unit�s owner to the unit; and
����� (b) Deliver a copy of the deed to the Ombudsman
within 30 days after the deed is delivered to the person who redeemed the unit,
or his or her successor or assign.
����� 7. If no redemption is made within 60 days
after the date of sale, the person conducting the sale shall:
����� (a) Make, execute and, if payment is made,
deliver to the purchaser, or his or her successor or assign, a deed without
warranty which conveys to the purchaser all title of the unit�s owner to the
unit; and
����� (b) Deliver a copy of the deed to the Ombudsman
within 30 days after the deed is delivered to the purchaser, or his or her
successor or assign.
����� 8. The recitals in a deed made pursuant to
subsection 6 or 7 of:
����� (a) Default, the mailing of the notice of
delinquent assessment, and the mailing and recording of the notice of default
and election to sell;
����� (b) The elapsing of the 90-day period set forth
in paragraph (c) of subsection 1 of NRS
116.31162 ;
����� (c) The recording, mailing, publishing and
posting of the notice of sale;
����� (d) The failure to pay the assessments and other
sums which are due in accordance with subsection 1 of NRS 116.3116 before the expiration of the
period described in paragraph (d) of subsection 1 of NRS 116.31162 ; and
����� (e) The recording of the affidavit required to be
recorded pursuant to paragraph (e) of subsection 1 of NRS 116.31162 ,
� are
conclusive proof of the matters recited.
����� 9. A deed containing the recitals set
forth in subsection 8 is conclusive against the unit�s former owner, his or her
heirs and assigns, and all other persons. The receipt for the purchase money
contained in such a deed is sufficient to discharge the purchaser from
obligation to see to the proper application of the purchase money.
����� 10. Upon the expiration of the redemption
period set forth in subsection 3, any failure to comply with the provisions of NRS 116.3116 to 116.31168 , inclusive, does not affect the
rights of a bona fide purchaser or bona fide encumbrancer for value.