The purpose of the Nevada Private Transfer Fee Obligation (PTFO) disclosure is to ensure the buyer is fully informed if such an obligation exists on the property. A PTFO is a recorded condition on a property that requires a buyer to pay a fee to a third party when the property is sold or transferred. This fee is not paid to the seller. It may be a flat amount or a percentage of the sales price, and it can apply each time the property changes ownership.
When Should This Disclosure Be Provided?
This disclosure must be given to the buyer before the property is transferred so the buyer understands the financial obligation associated with the property.
Is There a Specific Form That I Need to Supply To a Potential Buyer?
No. Nevada does not require this disclosure to be made on a state-issued form. However, it is strongly recommended that you provide any disclosures in writing or by email so you have a clear record that the disclosure was made.
Is There Specific Wording That Must Be Used In the Disclosure?
Yes. Nevada law requires this statement to be used: A private transfer fee obligation has been created with respect to this property. The private transfer fee obligation may lower the value of this property. The laws of this State prohibit the enforcement of certain private transfer fee obligations that are created or recorded on or after May 20, 2011, (NRS 111.865) and impose certain notice requirements with respect to private transfer fee obligations that were created before May 20, 2011 (NRS 111.870).
Include Your Disclosures on Your MLS Listing
When you list your home on the MLS with homecoin.com for a low, one-time flat fee, we will upload your disclosures directly in your MLS listing, so you can easily comply with Nevada law. Learn more about our flat fee MLS service HERE.
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