NRS 116.4111 Release of liens.

206 words·~1 min read·/nv/chapter-116-common-interest-ownership-uniform-act/116-4111·

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

1. In the case of a sale of a unit where delivery of a public offering statement is required pursuant to subsection 3 of NRS 116.4102 , a seller:

(a)Before conveying a unit, shall record or furnish to the purchaser releases of all liens, except liens on real estate that a declarant has the right to withdraw from the common-interest community, that the purchaser does not expressly agree to take subject to or assume and that encumber:

(1)In a condominium, that unit and its interest in the common elements; and

(2)In a cooperative or planned community, that unit and any limited common elements assigned thereto; or

(b)Shall provide a surety bond against the lien as provided for liens on real estate in NRS 108.2413 to 108.2425 , inclusive.

2. Before conveying real estate to the association, the declarant shall have that real estate released from:

(a)All liens the foreclosure of which would deprive units’ owners of any right of access to or easement of support of their units; and

(b)All other liens on that real estate unless the public offering statement describes certain real estate that may be conveyed subject to liens in specified amounts.