What About Disclosures? |
The Federal and State governments are taking an active part in requiring certain disclosures as related to real estate transactions. These disclosures are to protect both the buyers and sellers involved in a transaction. The following are the most common disclosures at this time. Lead Base Paint In 1996, the Federal Government started requiring sellers of homes built prior to 1978 to disclose the possibility of lead base paint being present in the premises. A requirement is to give the prospective buyer a copy of the pamphlet "Protect Your Family From Lead In Your Home" Seller's Real Property Disclosure Form The Nevada Revised Statutes, Chapter 113 require this form to be filled out accurately by a seller and given to the buyer prior to purchase. The statute became effective in 1996. This document concerns disclosure of all know defects in the property and explains penalties for non disclosure. Construction Defect Disclosure The Nevada Revised Statutes, Chapter 40 requires that properties that are currently or have been in the past subject to a Construction Defect claim,be disclosed. The statute became effective in 1999. Certificate of Resale Nevada Revised Statutes, Chapter 116 requires sellers to provide prospective purchasers certain documents concerning common interest ownership communities. If you are paying Home Owner Association fees, this affects you. Your HOA might charge you a fee to provide the list of documents. The following items should be provided to the buyer: Declaration of Restrictions (CC&R's) Rules and regulations of the association. Statement of any pending litigation, unsatisfied judgments or lawsuits. Current operating budget. Current financial statement and funds held in reserve for common elements. Copy of last minutes of HOA or executive board and date of next meeting. Association by-laws. Statement of monthly assessments for common expenses and any unpaid assessments. Beltway/US 95 Widening If you live close to any major building project that is on going or has been planned for the future, and you know it could affect the quality of life or comfort, you should disclose that fact. If you disclose and have a signed record of that disclosure, it could save you grief in the future. Mold Disclosure This is a fairly new problem that has gained notoriety with programs such as 60 Minutes and 20/20 broadcasting related stories. It is not required as yet, but is another way of possibly reducing your future liability. |
Jeannine Cutter (702) 283-8882 David Berg (702) 281-5827 |
