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Changes In Nevada Seller’s Real Property Disclosure
Changes In Nevada Seller’s Real Property Disclosure New disclosure regulations and a new version of the Seller’s Real Property Disclosure form (SRPD) became effective in Nevada on October 1st. The SRPD form used in most residential real estate transactions has several noteworthy changes. The first is on page one of the four page form where the option of a Seller declaring exemption per terms of NRS113.130(2) has been removed. In its place are options to declare the type of Seller, i.e.- Bank (Financial Institution), Asset Management Company, Owner-Occupier, or Other and a blank to fill in. Also added on page one is the following statement, “Systems and appliances addressed on this form by the seller are not part of the contractual agreement as to the inclusion of any system or appliance as part of the binding agreement.”  Yes, it sounds confusing to us as well. If an item like a hot tub isn’t included it would seem logical to mark the N/A option, Not Applicable.  If you are including the item then it is part of the agreement regardless of what this new clause is trying to say. Another new disclosure clause is pretty self-explanatory, “Has property been the site of ... more

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