Seller's Real Property Disclosure
⇒ Purpose of Disclosure
The purpose of the Seller’s Real Property Disclosure form is to make the buyer aware of the overall condition of the property before it is transferred. This disclosure is not a guarantee nor does it take the place of an inspection. In some cases a Seller has never lived on the property and may have no knowledge of the condition of the property. The Buyer is advised to obtain an independent inspection performed by a properly licensed home inspector. This form is not required for new home sales.
⇒ Who must provide the disclosure?
The seller must complete the “Seller’s Real Property Disclosure” form, detailing the condition of the property, known defects, and any other aspects of the property which may affect its use or value. A real estate licensee, unless he is the seller of the property, may not complete this form.
The form must be fully and properly completed. If the seller has no knowledge, “no” is an appropriate answer to the “Are you aware …” questions. Each question must be answered with a mark in the corresponding “yes”, “no” or in some cases “n/a” box. Explanations of any “yes” answers, and a properly executed signature by the seller, are also required. The buyer may only sign the form after full and proper completion by the seller.
A Buyer may rescind the contract without penalty if he does not receive a fully and properly completed Seller’s Real Property Disclosure form. If a Buyer closes a transaction without a completed form or if a known defect is not disclosed to a Buyer, the Buyer may be entitled to treble damages, unless the Buyer waives his rights under NRS 113.150(6).
The form must be fully and properly completed. If the seller has no knowledge, “no” is an appropriate answer to the “Are you aware …” questions. Each question must be answered with a mark in the corresponding “yes”, “no” or in some cases “n/a” box. Explanations of any “yes” answers, and a properly executed signature by the seller, are also required. The buyer may only sign the form after full and proper completion by the seller.
A Buyer may rescind the contract without penalty if he does not receive a fully and properly completed Seller’s Real Property Disclosure form. If a Buyer closes a transaction without a completed form or if a known defect is not disclosed to a Buyer, the Buyer may be entitled to treble damages, unless the Buyer waives his rights under NRS 113.150(6).
When is it due?
The lien must be disclosed at the time the property is sold or transferred.
Additional Information
The content of the disclosure is based on what the seller is aware of at the time. If, after completion of the
disclosure form, the seller discovers a new defect or notices that a previously disclosed condition has worsened, the seller must inform the purchaser, in writing, as soon as practicable after discovery of the condition, or before conveyance of the property.
The buyer may not waive, and the seller may not require a buyer to waive, any of the requirements of the disclosure as a condition of sale or for any other purpose.
In a sale or intended sale by foreclosure, the trustee and the beneficiary of the deed of trust shall provide, not later than the conveyance of the property to, or upon request from, the buyer:
A real estate licensee cannot explain the legal consequences of waiving a Buyer’s legal rights or remedies.
The buyer may not waive, and the seller may not require a buyer to waive, any of the requirements of the disclosure as a condition of sale or for any other purpose.
In a sale or intended sale by foreclosure, the trustee and the beneficiary of the deed of trust shall provide, not later than the conveyance of the property to, or upon request from, the buyer:
- written notice of any defects of which the trustee or beneficiary is aware; and
- the contact information of any asset management company who provided asset management services, if any defects are repaired or replaced or attempted to be repaired or replaced. The asset management company shall provide a service report to the purchaser upon request.
A real estate licensee cannot explain the legal consequences of waiving a Buyer’s legal rights or remedies.
EFFECTIVE JULY 2017 the form includes the following 2 additional disclosures:
- whether solar panels are installed on the subject property. If yes, then disclose whether the solar panels are leased, owned or financed.
- whether the property is a participant in any conservation easement such as the Southern Nevada Water Authority’s Water Smart Landscape Program. Seller shall inform the buyer about conservation easements or the potential for other types of conservation easements as required by the statutory language below:
For more information:
Form: Seller’s Real Property Disclosure
Website: http://red.nv.gov/uploadedFiles/rednvgov/Content/Forms/547.pdf
NRS: 113.130; 113.140; 113.150
Website: http://red.nv.gov/uploadedFiles/rednvgov/Content/Forms/547.pdf
NRS: 113.130; 113.140; 113.150
NRS: 111.390-440