Applicability; exceptions.

NRS

116.4101

Applicability; exceptions.

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.

(Added to NRS by 1991, 571 ; A 1993, 2373 ; 1997, 3122 ; 1999, 3012 ; 2011, 2453 ; 2021, 1406 )