Nevada Common Interest Community and Condominium Hotel Disclosures

NRS 116 requires sellers of a property in a common interest community (HOA) or a condominium hotel to give a potential buyer specific disclosure documents. The responsibility falls on the seller, not the buyer or the agent. The seller must order and pay for the required documents and deliver them to the buyer on time. 

What Is a Seller Required to Provide? 

The requirements are different depending on whether the property is new construction or a resale. 

• "Before You Purchase Property In a Common-Interest Community Did You Know . . ." Disclosure
• Public Offering Statement 
  • Required for sellers of a new unit in a common interest community (HOA) or a condominium hotel, or if the community is subject to any developmental rights, or contains converted buildings or contains units which may be in a time share, or is registered with the Securities and Exchange Commission.
  • A Public Offering Statement includes broad information about the project, including developer plans, construction schedules, description of proposed improvements - mechanical & electrical installations, amenities, fees, and any timeshare or SEC-related details
  • If the unit has not been inspected by the buyer, the buyer will have 5 calendar days to from the date of execution to cancel the contract.
• Resale Package
  • Required for sellers of resale property in an common interest community or condominium hotel
  • The Resale Package includes the declaration, bylaws, rules and regulations, monthly assessments, unpaid assessments of any kind, current operating budget, financial statement, reserve summary, unsatisfied judgments, and status of any pending legal actions.
  • A statement of any transfer fees, transaction fees or any other fees associated with the resale of a unit must be included (not for Condominium Hotels)
  • A statement regarding any unpaid obligations by the seller as well (not for Condominium Hotels).
    • Statement of Demand 
      • Required for sellers of resale property 
      • This is obtained from the HOA stating the amount of the monthly assessment for common expenses and any up-to-the-minute unpaid obligations that are due from the seller, including management fees, transfer fees, fines, penalties, interest, collection costs, foreclosure fees and attorney’s fee. 
      • The HOA will include this information with the resale package but seller must also obtain a “statement of demand” which is separate from the resale package.
      • The statement of demand remains effective for the period specified in the demand which must not be less than 15 business days from the date it is received by the seller. The association may provide a corrected statement of demand prior to the sale.
  • A buyer has 5 calendar days to cancel the contract after receipt of the resale package.

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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