The Nevada purchase agreement is a tool used to record the terms of an arrangement regarding the exchange of real property. Customarily, a person interested in selling their home will hire a real estate agent to represent them and publicize their property for sale. If the asking price is reasonable, it should only be a matter of time before potential buyers come to view the property and later submit offers to acquire the dwelling. These offers are introduced using the purchase agreement which contains the terms & conditions they would like to inject into the transaction. The seller may approve or counter offer using the same form but adding their own stipulations. This can go back and forth until both parties come to a compromise on the contractual undertakings. Once an offer has been signed by the individual who received the proposal, it becomes a legally binding purchase agreement.
Common-Interest Community (§ 116.41095) – If the property being purchased is part of a common-interest community, sellers are legally held accountable to issue a copy of the form linked above to the buyer notifying them of their rights and what documents they’re entitled to when acquiring the property. The buyer must then sign off on the form to confirm that they acknowledge the information provided.
Construction Defect (§ 40.688) – State law stipulates that the seller of a home that is subject to a construction defect claim(s) must issue a notice to the purchaser clarifying this matter.
Gaming Districts (§ 113.080) – Compulsory for newly constructed properties that are located within a county containing a population greater than 700,000, this disclosure requires vendors of real property to present buyers with information regarding the proximity of gaming enterprise districts to the residence being sold.
Impact Fees (§ 278b.320) – If the purchaser is subject to any impact fees upon the transfer 0f ownership, the seller is obliged to disclose this information prior to concluding the sale.
Lead-Based Paint Disclosure (42 U.S. Code § 4852d) – All residential properties that were built before 1978 require the seller to distribute information to the buyer concerning any lead paint and/or lead paint hazards contained within the premises. (This should be accompanied by a publication informing readers of the dangers linked to the hazardous material.)
Lien for Deferred Taxes (§ 361A.290) – If applicable, the seller must provide written notification to the purchasing party declaring that there is currently an active lien for deferred taxes pending on the property.
Open Range (§ 113.065) – Homes located within the vicinity of an open range must come equipped with a disclosure from the seller reporting this information.
Private Transfer Fee Obligation (PTFO) (§ 113.085) – The seller of a residence that is subject to a PTFO must alert the prospective buyer of this issue by supplying them with a written notice.
Road Maintenance District (§ 320.130) – A transfer may not occur for a property located within road maintenance district unless the seller notifies the purchaser, in writing, of this information as well as the amount of any assessments that could be charged.
Seller’s Real Property Disclosure (Form 547) (§ 113.130) – Transferors of a residential dwelling must fulfill a copy of this disclosure form noting the property’s current condition as well as the presence of any material defects.
Soil Report (§ 113.135) – Only demanded for recently built homes that have not been occupied for 120 days after completion, this disclosure compels sellers to furnish buyers with documents regarding the property’s soil report.
Water & Sewer Rates (§ 113.060) – The water and sewer rates must be disclosed if the property being transferred fits all the following descriptions:
- It is a previously unsold residence or improved lot.
- It is serviced by a public utility for water and sewerage.
- The public utility serves between 25-2,000 customers.
Greater Las Vegas Association of Realtors – Adobe PDF
Nevada Association of Realtors – Adobe PDF