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. Unless a period of limitation is tolled
under NRS 116.3111 or affected by
subsection 4, a judicial proceeding for breach of any obligation arising under NRS 116.4113 or 116.4114 must be commenced within 6 years
after the cause of action accrues, but the parties may agree to reduce the
period of limitation to not less than 2 years. With respect to a unit that may
be occupied for residential use, an agreement to reduce the period of
limitation must be evidenced by a separate instrument executed by the
purchaser.
����� 2. Subject to subsection 3, a cause of
action for breach of warranty of quality, regardless of the purchaser�s lack of
knowledge of the breach, accrues:
����� (a) As to a unit, at the time the purchaser to
whom the warranty is first made enters into possession if a possessory interest
was conveyed or at the time of acceptance of the instrument of conveyance if a
nonpossessory interest was conveyed; and
����� (b) As to each common element, at the time the
common element is completed or, if later, as to:
������������ (1) A common element that may be added to
the common-interest community or portion thereof, at the time the first unit
therein is conveyed to a bona fide purchaser; or
������������ (2) A common element within any other
portion of the common-interest community, at the time the first unit is
conveyed to a purchaser in good faith.
����� 3. If a warranty of quality explicitly
extends to future performance or duration of any improvement or component of
the common-interest community, the cause of action accrues at the time the
breach is discovered or at the end of the period for which the warranty
explicitly extends, whichever is earlier.
����� 4. During the period of declarant control,
the association may authorize an independent committee of the executive board
to evaluate and enforce any warranty claims involving the common elements, and
to address those claims. Only members of the executive board elected by units�
owners other than the declarant and other persons appointed by those
independent members may serve on the committee, and the committee�s decision
must be free of any control by the declarant or any member of the executive
board or officer appointed by the declarant. All costs reasonably incurred by
the committee, including attorney�s fees, are common expenses, and must be
added to the budget annually adopted by the association in accordance with the
requirements of NRS 116.31151 . If the
committee is so created, the period of limitation for a warranty claim
considered by the committee begins to run from the date of the first meeting of
the committee.