NRS 116.4101 Applicability; exceptions.

206 words·~1 min read·/nv/chapter-116-common-interest-ownership-uniform-act/116-4101·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. NRS 116.4101 to 116.412 , inclusive, apply to all units subject to this chapter, except as otherwise provided in subsection 2 or as modified or waived by agreement of purchasers of units in a common-interest community in which all units are restricted to nonresidential use.

2. Neither a public offering statement nor a resale package described in NRS 116.4109 need be prepared or delivered in the case of a:

(a)Gratuitous disposition of a unit;

(b)Disposition pursuant to court order;

(c)Disposition by a government or governmental agency;

(d)Disposition by foreclosure or deed in lieu of foreclosure;

(e)Disposition to a dealer;

(f)Disposition that may be cancelled at any time and for any reason by the purchaser without penalty;

(g)Disposition of a unit in a planned community which contains no more than 12 units if:

(1)The declarant reasonably believes in good faith that the maximum assessment stated in the declaration will be sufficient to pay the expenses of the planned community; and

(2)The declaration cannot be amended to increase the assessment during the period of the declarant’s control without the consent of all units’ owners; or

(h)Disposition of a unit restricted to nonresidential purposes.