FREQUENTLY ASKED QUESTIONS

Do we need to do something with the NRED to sell a lot, house or condominium development in Nevada?

Yes, you must determine if the project satisfies the definition of subdivision in NRS 119 .110 and then determine how best to comply with NRS 119, the Nevada Land Sales Law.

 

What must I do to file for a Property Report?

Download the Statement of Record (form#563) and the Property Report (form#564) and follow the instructions on both.

 

How long will the application process take?

It depends on our workload.   All incoming requests are handled on a first come first served basis.  It does NOT help to submit an incomplete package hoping to get a place in line while you are completing the process.  This delays us, requires us to store an incomplete package and ultimately delays your project.

 

If we want to sell our out of state condominiums in Nevada, do we have to do anything with Nevada?

Yes, regardless of where the property is located, if you wish to market, sell or solicit the property in Nevada, you must comply with the relevant Nevada law, NRS 119 (Subdivisions), NRS 119A (Time Shares) or NRS 119B (Membership Campgrounds).

 

How do I get a copy of the statutes and the regulations that govern subdivision laws? 

You may download them from this website, see Statutes and Regulations.

 

Do we need a Nevada broker if we are not going to have any office or physical presence in Nevada but just solicit from out of state?

Yes, you need a Nevada broker who must retain copies of the sales files for the Nevada purchasers for 5 years.

 

Must our advertising be approved by the NRED?    

All advertising must comply with the relevant laws and regulations and must be submitted.  Advertising submitted for time share projects is not reviewed at the time of submittal.  All other advertising is reviewed and must receive a NAV number prior to being used.

 

Does the law require a rescission period? 

Yes, there is a rescission period required under the Land Sales Law (NRS 119), the Time Share Law (NRS 119A) and the Membership Campground Law (NRS 119B).

 

Are fractional interests required to be registered in Nevada?

In most cases they come under the Nevada Time Share Law, NRS 119A.

 

I bought a condominium in Las Vegas last year and I didn’t get a copy of the Public Offering Statement, how do I get a copy of one?

In a condominium or other planned development project, the Public Offering Statement is mandated under NRS 116 and there is no state agency that reviews or approves this disclosure document.  The only way to obtain a copy is to request one from a purchaser, the developer or their counsel.

 

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