Nevada § 116.4103 - Public offering statement: General provisions

§ 116.4103. Public offering statement: General provisions

1. Except as otherwise provided in NRS 116.41035 , a public offering statement must set forth or fully and accurately disclose each

of the following: (a) The name and principal address of the declarant and of the common-interest community,

and a statement that the common-interest community is a condominium, cooperative or

planned community. (b) A general description of the common-interest community, including to the extent

possible, the types, number and declarant's schedule of commencement and completion

of construction of buildings, and amenities that the declarant anticipates including

in the common-interest community. (c) The estimated number of units in the common-interest community. (d) Copies of the declaration, bylaws, and any rules or regulations of the association,

but a plat is not required. (e) The financial information required by subsection 2. (f) A description of any services or subsidies being provided by the declarant or

an affiliate of the declarant, not reflected in the budget that the declarant provides,

or expenses which the declarant pays and which the declarant expects may become at

any subsequent time a common expense of the association and the projected common expense

assessment attributable to each of those services or expenses for the association

and for each type of unit. (g) Any initial or special fee due from the purchaser or seller at closing, including,

without limitation, any transfer fees, whether payable to the association, the community

manager of the association or any third party, together with a description of the

purpose and method of calculating the fee. (h) The terms and significant limitations of any warranties provided by the declarant,

including statutory warranties and limitations on the enforcement thereof or on damages. (i) A statement that unless the purchaser or his or her agent has personally inspected

the unit, the purchaser may cancel, by written notice, his or her contract for purchase

until midnight of the fifth calendar day following the date of execution of the contract,

and the contract must contain a provision to that effect. (j) A statement of any unsatisfied judgment or pending action against the association,

and the status of any pending action material to the common-interest community of

which a declarant has actual knowledge. (k) Any current or expected fees or charges to be paid by units' owners for the use

of the common elements and other facilities related to the common-interest community. (l) 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. (m) Any restraints on alienation of any portion of the common-interest community and

any restrictions: (1) On the leasing or renting of units; and (2) On the amount for which a unit may be sold or on the amount that may be received

by a unit's owner on the sale or condemnation of or casualty loss to the unit or to

the common-interest community, or on termination of the common-interest community. (n) A description of any arrangement described in NRS 116.1209 binding the association. (o) The information statement set forth in NRS 116.41095 . 2. The public offering statement must contain any current balance sheet and a projected

budget for the association, either within or as an exhibit to the public offering

statement, for 1 year after the date of the first conveyance to a purchaser, and thereafter

the current budget of the association, a statement of who prepared the budget and

a statement of the budget's assumptions concerning occupancy and inflation factors. The budget must include: (a) A statement of the amount included in the budget as a reserve for repairs, replacement

and restoration pursuant to NRS 116.3115 ; (b) A statement of any other reserves; (c) The projected common expense assessment by category of expenditures for the association;

and (d) The projected monthly common expense assessment for each type of unit, including

the amount established as reserves pursuant to NRS 116.3115 . 3. A declarant is not required to revise a public offering statement more than once

each calendar quarter, if the following warning is given prominence in the statement:

“THIS PUBLIC OFFERING STATEMENT IS CURRENT AS OF (insert a specified date). RECENT DEVELOPMENTS REGARDING (here refer to particular provisions of NRS 116.4103 and 116.4105 ) MAY NOT BE REFLECTED IN THIS STATEMENT.”