A Nevada residential purchase agreement is a legal document used to outline the terms of a real estate sale between a buyer and seller. This contract includes the purchase price, financing details, deposit amount, closing date, and any other stipulations.
The buyer submits an offer through this form, which the seller can accept, reject, or counter. Once both parties agree to the terms and sign the document, it becomes a legally binding agreement, ensuring clear terms and legal compliance for the property sale.
State Laws
- Common-Interest Community: If the property is in a common-interest community, sellers must provide the buyer with the linked form detailing their rights and entitled documents. The buyer must sign the form to acknowledge this information. [1]
- Construction Defect: Sellers must notify buyers of any construction defect claims. [2]
- Impact Fees: Sellers must inform buyers of any impact fees due upon ownership transfer. [3]
- Lien for Deferred Taxes: Sellers must notify buyers of any active liens for deferred taxes on the property. [4]
- Open Range: Sellers must disclose if a home is near an open range. [5]
- Gaming Districts: Sellers of newly constructed properties in counties with populations over 700,000 must disclose proximity to gaming enterprise districts. [6]
- Private Transfer Fee Obligation (PTFO): Sellers must inform buyers of any PTFO with a written notice. [7]
- Road Maintenance District: Sellers must notify buyers in writing if the property is in a road maintenance district, including potential assessments. [8]
Required Seller Disclosures
Lead-Based Paint Disclosure
Federal law (42 U.S. Code § 4852d) mandates sellers to disclose any known lead hazards for homes built before 1978.
Property Disclosure Statement
Sellers must disclose the property's condition to buyers at least 10 days before ownership transfer, allowing buyers the option to cancel the purchase. (§ 113.130)
Do Sellers in Nevada Have to Disclose Property Defects?
Yes, in Nevada, sellers must disclose material defects. In other states, under “caveat emptor,” buyers must inspect the property and may lack legal recourse if they don’t.
