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. Except in the case of a sale in which
delivery of a public offering statement is required, or unless exempt under
subsection 2 of NRS 116.4101 , a unit�s
owner or his or her authorized agent shall, at the expense of the unit�s owner,
furnish to a purchaser a resale package containing all of the following:
����� (a) A copy of the declaration, other than any
plats, the bylaws, the rules or regulations of the association and the
information statement required by NRS
116.41095 .
����� (b) A statement from the association setting
forth the amount of the monthly assessment for common expenses and any unpaid
obligation of any kind, including, without limitation, management fees,
transfer fees, fines, penalties, interest, collection costs, foreclosure fees
and attorney�s fees currently due from the selling unit�s owner.
����� (c) A copy of the current operating budget of the
association and current year-to-date financial statement for the association,
which must include a summary of the reserves of the association required by NRS 116.31152 and which must include,
without limitation, a summary of the information described in paragraphs (a) to
(e), inclusive, of subsection 3 of NRS
116.31152 .
����� (d) A statement of any unsatisfied judgments or
pending legal actions against the association and the status of any pending legal
actions relating to the common-interest community of which the unit�s owner has
actual knowledge.
����� (e) A statement of any transfer fees, transaction
fees or any other fees associated with the resale of a unit.
����� (f) In addition to any other document, a
statement describing all current and expected fees or charges for each unit,
including, without limitation, association fees, fines, assessments, late
charges or penalties, interest rates on delinquent assessments, additional
costs for collecting past due fines and charges for opening or closing any file
for each unit.
����� (g) Proof of the insurance policies that an
association is required to carry pursuant to NRS
116.3113 .
����� 2. The purchaser may, by written notice,
cancel the contract of purchase until midnight of the fifth calendar day
following the date of receipt of the resale package described in subsection 1,
and the contract for purchase must contain a provision to that effect. If the purchaser
elects to cancel a contract pursuant to this subsection, the purchaser must
hand deliver the notice of cancellation to the unit�s owner or his or her
authorized agent, mail the notice of cancellation by prepaid United States mail
to the unit�s owner or his or her authorized agent or deliver the notice of
cancellation by electronic transmission to the unit�s owner or his or her
authorized agent. Cancellation is without penalty, and all payments made by the
purchaser before cancellation must be refunded promptly. If the purchaser has
accepted a conveyance of the unit, the purchaser is not entitled to:
����� (a) Cancel the contract pursuant to this
subsection; or
����� (b) Damages, rescission or other relief based
solely on the ground that the unit�s owner or his or her authorized agent
failed to furnish the resale package, or any portion thereof, as required by
this section.
����� 3. Within 10 calendar days after receipt
of a written request by a unit�s owner or his or her authorized agent, the
association shall furnish all of the following to the unit�s owner or his or
her authorized agent for inclusion in the resale package:
����� (a) Copies of the documents required pursuant to
paragraphs (a) and (c) of subsection 1; and
����� (b) A certificate containing the information necessary
to enable the unit�s owner to comply with paragraphs (b), (d), (e), (f) and (g)
of subsection 1.
����� 4. If the association furnishes the
documents and certificate pursuant to subsection 3:
����� (a) The unit�s owner or his or her authorized
agent shall include the documents and certificate in the resale package
provided to the purchaser, and neither the unit�s owner nor his or her
authorized agent is liable to the purchaser for any erroneous information
provided by the association and included in the documents and certificate.
����� (b) The association may charge the unit�s owner a
reasonable fee to cover the cost of preparing the certificate furnished
pursuant to subsection 3. Such a fee must be based on the actual cost the
association incurs to fulfill the requirements of this section in preparing the
certificate and must not exceed $185, except that if a unit�s owner or an
authorized agent thereof requests that the certificate be furnished sooner than
3 business days after the date of the request, the association may charge a
fee, which must not exceed $100, to expedite the preparation of the
certificate. The amount of the fee may increase, on an annual basis, by a
percentage equal to the percentage of increase in the Consumer Price Index (All
Items) published by the United States Department of Labor for the preceding
calendar year, but must not increase by more than 3 percent each year.
����� (c) The other documents furnished pursuant to
subsection 3 must be provided in electronic format to the unit�s owner. If the association
is unable to provide such documents in electronic format, the association may
charge the unit�s owner a reasonable fee, not to exceed 25 cents per page for
the first 10 pages, and 10 cents per page thereafter, to cover the cost of
copying.
����� (d) Except for the fees allowed pursuant to
paragraphs (b) and (c), the association may not charge the unit�s owner any
other fees for preparing or furnishing the documents and certificate pursuant
to subsection 3.
����� 5. Neither a purchaser nor the purchaser�s
interest in a unit is liable for any unpaid assessment or fee greater than the
amount set forth in the documents and certificate prepared by the association.
If the association fails to furnish the documents and certificate within the 10
calendar days allowed by this section, the purchaser is not liable for the
delinquent assessment. A resale package provided to a unit�s owner or his or
her authorized agent pursuant to this section remains effective for 90 calendar
days.
����� 6. Upon the request of a unit�s owner or
his or her authorized agent, or upon the request of a purchaser to whom the
unit�s owner has provided a resale package pursuant to this section or his or
her authorized agent, the association shall make the entire study of the
reserves of the association which is required by NRS 116.31152 reasonably available for
the unit�s owner, purchaser or authorized agent to inspect, examine, photocopy
and audit. The study must be made available at the business office of the
association or some other suitable location within the county where the
common-interest community is situated or, if it is situated in more than one
county, within one of those counties.
����� 7. A unit�s owner, the authorized agent of
the unit�s owner or the holder of a security interest on the unit may request a
statement of demand from the association. Not later than 10 calendar days after
receipt of a written request from the unit�s owner, the authorized agent of the
unit�s owner or the holder of a security interest on the unit for a statement
of demand, the association shall furnish a statement of demand to the person
who requested the statement and provide a copy of the statement to any other
interested party. The association may charge a fee of not more than $165 to
prepare and furnish a statement of demand pursuant to this subsection and an
additional fee of not more than $100 to furnish a statement of demand within 3
business days after receipt of a written request for a statement of demand. The
amount of the fees for preparing and furnishing a statement of demand and the
additional fee for furnishing a statement of demand within 3 business days may
increase, on an annual basis, by a percentage equal to the percentage of increase
in the Consumer Price Index (All Items) published by the United States
Department of Labor for the preceding calendar year, but must not increase by
more than 3 percent each year. The statement of demand:
����� (a) Must set forth the amount of the monthly
assessment for common expenses and any unpaid obligation of any kind,
including, without limitation, management fees, transfer fees, fines,
penalties, interest, collection costs, foreclosure fees and attorney�s fees
currently due from the selling unit�s owner; and
����� (b) Remains effective for the period specified in
the statement of demand, which must not be less than 15 business days after the
date of delivery by the association to the unit�s owner, the authorized agent
of the unit�s owner or the holder of a security interest on the unit, whichever
is applicable.
� As used in
this subsection, �interested party� includes the unit�s owner selling the unit
and the prospective purchaser of the unit.
����� 8. In preparing, copying, furnishing or
expediting or otherwise providing any document or other item pursuant to this
section, an association, or entity related to or acting on behalf of an
association, shall not charge a unit�s owner, the authorized agent of a unit�s
owner, a purchaser or, pursuant to subsection 7, the holder of a security
interest on a unit, any fee:
����� (a) Not authorized in this section; or
����� (b) In an amount which exceeds any limit set
forth in this section.
����� 9. If the association becomes aware of an
error in a statement of demand furnished pursuant to subsection 7 during the
period in which the statement of demand is effective but before the
consummation of a resale for which a resale package was furnished pursuant to
subsection 1, the association must deliver a replacement statement of demand to
the person who requested the statement of demand. Unless the person who
requested the statement of demand receives a replacement statement of demand,
the person may rely upon the accuracy of the information set forth in the
statement of demand provided by the association for the resale. Payment of the
amount set forth in the statement of demand constitutes full payment of the
amount due from the selling unit�s owner.