Nevada Residential Disclosure Guide

 

Frequently Asked Questions (FAQs)

 

Where can I get copies of the 5 ½ x 8 ½ booklets?

We are out of printed booklets.  You may download and print the disclosure guide from our website at www.red.state.nv.us/forms/622.pdf.

 

Is the booklet required for contracts already in escrow as of July 1, 2006?

NO. The booklet must be provided to clients who enter into a contract on or after July 1, 2006.

 

Do I have to obtain the signatures of both the buyer and the seller on the acknowledgement page?

NO.  You are only required to obtain the signature of the party for whom you are acting as an agent and each unrepresented party to the real estate transaction, if any.

 

Shouldn’t there be a spot on the acknowledgement page for the property address?

The address is unnecessary. The disclosure booklet is an informational document…it is not designated for a specific transaction.  If your client purchases more than one property or if the initial deal falls through, you may copy the acknowledgment page with your client’s signature and include it in the transaction file of any additional properties.

 

Is the booklet required for commercial sales?

NO.  The Residential Disclosure Guide is only required for residential sales.

 

The disclosure booklet states that the licensee must “disclose to each party in the transaction, all duties owed to the parties and the licensee’s relationship as an agent to each party…”  Does this mean that I have to get the signature of both parties on the Duties Owed form even if I am not representing both parties?

NO.  Although the licensee has the duty to disclose certain information to each party in a real estate transaction (i.e., material and relevant facts, compensation received from parties and/or interest in a transaction), the licensee is only responsible for providing the “Duties Owed By a Nevada Real Estate Licensee” form to the party for whom the licensee is acting as an agent in the real estate transaction and each unrepresented party to the real estate transaction, if any.

 

Is the booklet required for new home sales?

A:  YES. 

 

If I had a reservation prior to July 1, 2006 and enter into a contract after July 1,  2006, is the booklet required?

A:  YES. 

 

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