Nevada § 113.130 - Completion and service of disclosure form before conveyance of property; discovery or worsening of defect after service of form; limitation on liability of seller’s agent; exceptions; waiver

§ 113.130. Completion and service of disclosure form before conveyance of property; discovery or worsening of defect after service of form; limitation on liability of seller’s agent; exceptions; waiver

1. Except as otherwise provided in subsection 2: (a) At least 10 days before residential property is conveyed to a purchaser: (1) The seller shall complete a disclosure form regarding the residential property;

and (2) The seller or the seller's agent shall serve the purchaser or the purchaser's

agent with the completed disclosure form. A seller's agent shall not complete a disclosure form regarding the residential property

on behalf of the seller. (b) If, after service of the completed disclosure form but before conveyance of the

property to the purchaser, a seller or the seller's agent discovers a new defect in

the residential property that was not identified on the completed disclosure form

or discovers that a defect identified on the completed disclosure form has become

worse than was indicated on the form, the seller or the seller's agent shall inform

the purchaser or the purchaser's agent of that fact, in writing, as soon as practicable

after the discovery of that fact but in no event later than the conveyance of the

property to the purchaser. If the seller does not agree to repair or replace the defect, the purchaser may: (1) Rescind the agreement to purchase the property; or (2) Close escrow and accept the property with the defect as revealed by the seller

or the seller's agent without further recourse. (c) A seller's agent is not liable to the purchaser for damages if: (1) The seller is aware of a defect and fails to disclose the defect to the purchaser

on the disclosure form as required pursuant to paragraph (a); or (2) After service of the completed disclosure form but before conveyance of the property

to the purchaser, the seller discovers a new defect in the residential property that

was not identified on the completed disclosure form or discovers that a defect identified

on the completed disclosure form has become worse than was indicated on the form and

fails to inform the purchaser or the purchaser's agent of that fact as required pursuant

to paragraph (b). The provisions of this paragraph do not affect, and must not be construed to affect,

the obligation of a seller's agent to comply with the provisions of paragraph (a)

of subsection 1 of NRS 645.252 . 2. Subsection 1 does not apply to a sale or intended sale of residential property: (a) By foreclosure pursuant to chapter 107 of NRS . (b) Between any co-owners of the property, spouses or persons related within the third

degree of consanguinity. (c) Which is the first sale of a residence that was constructed by a licensed contractor. (d) By a person who takes temporary possession or control of or title to the property

solely to facilitate the sale of the property on behalf of a person who relocates

to another county, state or country before title to the property is transferred to

a purchaser. (e) By a fiduciary under title 12 or 13 of NRS, including, without limitation, a personal

representative, guardian, trustee or person acting under a power of attorney, who

takes temporary possession or control of or title to the property solely to facilitate

the sale of the property on behalf of a person who is deceased or incapacitated. 3. A purchaser of residential property may not waive any of the requirements of subsection

1. A seller of residential property may not require a purchaser to waive any of the

requirements of subsection 1 as a condition of sale or for any other purpose. 4. If a sale or intended sale of residential property is exempted from the requirements

of subsection 1 pursuant to paragraph (a) of subsection 2, the trustee and the beneficiary

of the deed of trust shall, not later than at the time of the conveyance of the property

to the purchaser of the residential property, or upon the request of the purchaser

of the residential property, provide: (a) Written notice to the purchaser of any defects in the property of which the trustee

or beneficiary, respectively, is aware; and (b) If any defects are repaired or replaced or attempted to be repaired or replaced,

the contact information of any asset management company who provided asset management

services for the property. The asset management company shall provide a service report to the purchaser upon

request. 5. As used in this section: (a) “Seller” includes, without limitation, a client as defined in NRS 645H.060 . (b) “Service report” has the meaning ascribed to it in NRS 645H.150 .