Nevada § 116B.470 - Delivery to association of converted common element reserve deficit
Full text of Nevada Nevada Revised Statutes § 116B.470 — Delivery to association of converted common element reserve deficit, with citation guidance and answers to common questions.
§ 116B.470. Delivery to association of converted common element reserve deficit
1. At the time of each close of escrow of a unit in a converted building, the declarant
shall deliver to the association the amount of the converted common element reserve
deficit allocated to that unit. 2. The allocation to a unit of the amount of any converted common element reserve
deficit must be made in the same manner as assessments are allocated to that unit. 3. As used in this section, “ converted common element reserve deficit ” means the amount necessary to replace the major components of the common elements
needing replacement within 10 years after the date of the first sale of a unit.
Source: official Nevada text · Last verified 2026-08-27
Frequently Asked Questions About Nevada § 116B.470
What does Nevada Revised Statutes § 116B.470 cover?
Section 116B.470 ("Delivery to association of converted common element reserve deficit") is part of the Nevada Revised Statutes, the codified statutory law of Nevada. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Nevada § 116B.470?
A common citation format is "Nevada Revised Statutes § 116B.470" (Nevada). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Nevada law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Nevada official source linked on this page or consult a licensed Nevada attorney.
How does Nevada § 116B.470 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Nevada can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Nevada.