A Nevada property disclosure statement discloses to a property buyer all known conditions that adversely affect the value and use of a property undergoing purchase consideration. Potential buyers or their agents must receive the form no less than ten (10) days before a sale is closed, and be alerted if new defects or further deterioration are found. As the seller may lack construction expertise, the accuracy of the report, particularly with difficultly accessed areas of the property, cannot be guaranteed.
If a property disclosure statement does not dissuade a potential buyer, they may agree to continue the negotiation process by signing the form and acknowledging the specified conditions, although this does not bind them to uphold any purchase offers until a contract of sale is executed.
Laws – § NRS 113.130
Purchase Agreement – The seller must disclose whether the property is located in an open-range or if the new owner is subject to fees or tax liens. Buyers of condominium units must receive any information needed as a resident via written document.