Nevada § 116.21185 - Respective interests of units' owners following termination

§ 116.21185. Respective interests of units' owners following termination

The respective interests of units' owners referred to in subsections 5, 6 and 7 of NRS 116.2118 and in NRS 116.21183 are as follows: 1. Except as otherwise provided in subsection 2, the respective interests of units'

owners are the fair market values of their units, allocated interests, and any limited

common elements immediately before the termination, as determined by one or more independent

appraisers selected by the association. The decision of the independent appraisers must be distributed to the units' owners

and becomes final unless disapproved within 30 days after distribution by units' owners

to whom 25 percent of the votes in the association are allocated. The proportion of interest of any unit's owner to that of all units' owners is determined

by dividing the fair market value of that unit and its allocated interests by the

total fair market values of all the units and their allocated interests. 2. If any unit or any limited common element is destroyed to the extent that an appraisal

of the fair market value thereto before destruction cannot be made, the interests

of all units' owners are: (a) In a condominium, their respective interests in the common elements immediately

before the termination; (b) In a cooperative, their respective ownerships immediately before the termination;

and (c) In a planned community, their respective liabilities for common expenses immediately

before the termination.