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 as otherwise provided in
subsections 2, 3 and 4, a deposit made in connection with the purchase or
reservation of a unit from a person required to deliver a public offering
statement pursuant to subsection 3 of NRS
116.4102 must be placed in escrow and held either in this State or in the
state where the unit is located in an account designated solely for that
purpose by a licensed title insurance company, an independent bonded escrow
company, or an institution whose accounts are insured by a governmental agency
or instrumentality until:
����� (a) Delivered to the declarant at closing;
����� (b) Delivered to the declarant because of the
purchaser�s default under a contract to purchase the unit;
����� (c) Released to the declarant for an additional
item, improvement, optional item or alteration, but the amount so released:
������������ (1) Must not exceed the lesser of the
amount due the declarant from the purchaser at the time of the release or the
amount expended by the declarant for the purpose; and
������������ (2) Must be credited upon the purchase
price; or
����� (d) Refunded to the purchaser.
����� 2. A deposit or advance payment made for
an additional item, improvement, optional item or alteration may be deposited
in escrow or delivered directly to the declarant, as the parties may contract.
����� 3. In lieu of placing a deposit in escrow
pursuant to subsection 1, the declarant may furnish a bond executed by the
declarant as principal and by a corporation qualified under the laws of this
State as surety, payable to the State of Nevada, and conditioned upon the
performance of the declarant�s duties concerning the purchase or reservation of
a unit. Each bond must be in a principal sum equal to the amount of the
deposit. The bond must be held until:
����� (a) Delivered to the declarant at closing;
����� (b) Delivered to the declarant because of the
purchaser�s default under a contract to purchase the unit; or
����� (c) Released to the declarant for an additional
item, improvement, optional item or alteration, but the amount so released must
not exceed the amount due the declarant from the purchaser at the time of the
release or the amount expended by the declarant for that purpose, whichever is
less.
����� 4. Pursuant to subsection 1, a deposit
made in connection with the purchase or reservation of a unit from a person
required to deliver a public offering statement pursuant to subsection 3 of NRS 116.4102 is deemed to be placed in
escrow and held in this State when the escrow holder has:
����� (a) The legal right to conduct business in this
State;
����� (b) A registered agent in this State pursuant to
subsection 1 of NRS 14.020 ; and
����� (c) Consented to the jurisdiction of the courts of
this State by:
������������ (1) Maintaining a physical presence in
this State; or
������������ (2) Executing a written instrument
containing such consent, with respect to any suit or claim, whether brought by
the declarant or purchaser, relating to or arising in connection with such sale
or the escrow agreement related thereto.