How To Buy, Sell Or Rent A Home In Nevada

Real Estate Agent with real estate Orleans

Maneuvering through the tsunami of real estate issues is difficult. With various contract provisions which scream for attention, the problem is particularly acute when it comes to laws governing landlord/tenant issues.

Many of the issues involve complications which can lead to court. As more people move to Nevada, here are the most frequently asked questions fielded by Realtors:


When To Contact A Qualified Real Estate Attorney

As soon as you are involved in any sort of legal dispute and you don’t know what to do. Be careful or your rights may be given up. Not knowing your rights can put you in a worse position and cost money and might even end in the loss of the property. Also, you may fall a victim of fraud.


What Is A Reasonable Amount For A Security Deposit?

According to Nevada law, landlords may charge up to three month’s rent as a security deposition. If the renter believes their deposit is too high, a real estate attorney should be contacted immediately to discuss options.


Can I Sue My Landlord If They Refuse To Return My Security Deposit?

Yes. A tenant may sue the landlord for failing to return any unused balance of the security deposit. A tenant may also file a claim against the landlord for up to double the security deposit.


Does A Lease Agreement Comply With Nevada Law?

Nevada law provides for certain provisions which must be included in all residential lease contracts. Some of the provisions are unique to Nevada and if the clauses are not included, the lease contract may be ruled to be void and unenforceable. Anyone unsure if their lease complies with Nevada law should meet with a real estate lawyer.

As in leasing or renting, Nevada law is broad when it comes time to sell a home and what must be disclosed


Disclosure Obligations When Selling A Home In Nevada

Nevada law mandates the seller give a potential buyer a rather long disclosure statement before the property transfer.

Intended to put the buyer on notice of any defects which may include something as small as a cracked window or as large as a termite infestation, the key is to list every issue which materially affects the value — or use — of the property.

Listing, or disclosing, the problems keeps the buyer from finding a surprise once they have moved in. What is confusing to the seller are the rules, regulations and laws which dictate what must be disclosed.


Disclosure Laws When Selling A Home In Nevada

NRS 113.130 covers the disclosure requirements. The statue requires that, at least 10-days before transferring property to the buyer, the seller is to complete a disclosure form. The statement will cover all “known material defects.”

If any new defects are discovered after providing the buyer the disclosure statement, but before closing, the seller is required to inform the buyer, in writing, as soon as possible after the discovery is made.

Once the buyer reviews the statement, the buyer may rescind the purchase or negotiate for a modification of terms.


What Is Covered In Nevada’s Disclosure Form?

Unlike other states, Nevada’s legislation doesn’t state specifically the areas which require some type of disclosure. A broadly used four-page form is provided by the Nevada Real Estate Division and gives the information to be disclosed.

The disclosure asks about the condition of various categories of aspects of your property, including:
Systems/Appliances (such as plumbing, garbage disposal),
Property Conditions (roof, renovations, flooding, and so on), and
Environmental Conditions (such as radon, asbestos, and fungi).


The Takeaway

Honesty is the best policy.


Comments (1)

Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

thanks for sharing this information with us on how to buy or sell a home in Nevada - you always provide excellent knowledge of your area

Jul 18, 2018 09:01 AM