Nevada § 116B.760 - Resales of units

§ 116B.760. Resales of units

1. Except in the case of a sale in which delivery of a public offering statement is

required, a unit's owner or his or her authorized agent shall furnish to a purchaser

a resale package containing all of the following: (a) A copy of this chapter, the declaration, other than any plats, the bylaws, the

rules or regulations of the association and the hotel unit owner and the information

statement required by NRS 116B.765 ; (b) A statement setting forth the amount of the monthly assessment for common expenses

and any unpaid assessment of any kind currently due from the selling unit's owner; (c) A copy of the current operating budget of the association and current year-to-date

financial statement for the association, which must include a summary of the reserves

of the association required by this chapter; (d) A current year-to-date statement of the shared expenses charged to the units and

the projected budget for the shared expenses, either within or as an exhibit to the

public offering statement. The budget must include, without limitation: (1) A statement of the amount included in the budget as reserves for repairs, replacement

and restoration pursuant to this chapter; and (2) The projected monthly shared expenses for each type of unit, including the amount

established as reserves pursuant to this chapter; (e) A description of any other payments, fees and charges that may be charged by the

hotel unit owner, including those that may be charged in order to offset the increased

burden placed on the shared components as a result of use of residential units as

transient rentals; and (f) A statement of any unsatisfied judgments or pending legal actions against the

association or the hotel unit owner which affect the shared components and the status

of any pending legal actions relating to the condominium hotel of which the unit's

owner has actual knowledge. 2. The purchaser may, by written notice, cancel the contract of purchase until midnight

of the fifth calendar day following the date of receipt of the resale package described

in subsection 1, and the contract for purchase must contain a provision to that effect. If the purchaser elects to cancel a contract pursuant to this subsection, the purchaser

must hand deliver the notice of cancellation to the residential unit owner or his

or her authorized agent or mail the notice of cancellation by prepaid United States

mail to the residential unit owner or his or her authorized agent. Cancellation is without penalty, and all payments made by the purchaser before cancellation

must be refunded promptly. If the purchaser has accepted a conveyance of the residential unit, the purchaser

is not entitled to: (a) Cancel the contract pursuant to this subsection; or (b) Damages, rescission or other relief based solely on the ground that the residential

unit owner or his or her authorized agent failed to furnish the resale package, or

any portion thereof, as required by this section. 3. Within 10 calendar days after receipt of a written request by a residential unit

owner or his or her authorized agent, the hotel unit owner shall furnish all of the

following to the residential unit owner or his or her authorized agent for inclusion

in the resale package: (a) Copies of the documents required pursuant to paragraphs (a) and (c) of subsection

1; and (b) A certificate containing the information necessary to enable the residential unit

owner to comply with paragraphs (b), (d), (e) and (f) of subsection 1. 4. If the hotel unit owner furnishes the documents and certificate pursuant to subsection

3: (a) The residential unit owner or his or her authorized agent shall include the documents

and certificate in the resale package provided to the purchaser, and neither the residential

unit owner nor his or her authorized agent is liable to the purchaser for any erroneous

information provided by the hotel unit owner and included in the documents and certificate. (b) The hotel unit owner may charge the residential unit owner a reasonable fee to

cover the cost of preparing the certificate furnished pursuant to subsection 3. Such a fee must be based on the actual cost the association incurs to fulfill the

requirements of this section in preparing the certificate. The Commission shall adopt regulations establishing the maximum amount of the fee

that the hotel unit owner may charge for preparing the certificate. (c) The other documents furnished pursuant to subsection 3 must be provided in electronic

format at no charge to the unit's owner or, if the hotel unit owner is unable to provide

such documents in electronic format, the hotel unit owner may charge the residential

unit owner a reasonable fee, not to exceed 25 cents per page for the first 10 pages,

and 10 cents per page thereafter, to cover the cost of copying. (d) Except for the fees allowed pursuant to paragraphs (b) and (c), the hotel unit

owner may not charge the residential unit owner any other fees for preparing or furnishing

the documents and certificate pursuant to subsection 3. 5. Neither a purchaser nor the purchaser's interest in a residential unit is liable

for any unpaid assessment or fee greater than the amount set forth in the documents

and certificate prepared by the hotel unit owner. If the hotel unit owner fails to furnish the documents and certificate within the

10 calendar days allowed by this section, the purchaser is not liable for the delinquent

assessment. A resale package provided to a unit's owner or his or her authorized agent pursuant

to this section remains effective for 90 calendar days. 6. Upon the request of a residential unit owner or his or her authorized agent, or

upon the request of a purchaser to whom the hotel unit owner has provided a resale

package pursuant to this section or his or her authorized agent, the hotel unit owner

shall make the entire study of the reserves of the association or the shared components

reasonably available for the residential unit owner, purchaser or authorized agent

to inspect, examine, photocopy and audit. The study must be made available at the business office of the association or the

hotel unit owner or some other suitable location within the county where the condominium

hotel is situated or, if it is situated in more than one county, within one of those

counties.