Real Estate Disclosure Laws
Real estate disclosure laws protect a potential property buyer from deceitful sellers. These laws legally require the seller of a property to inform the purchaser of all known material defects before any transactions are completed. Defects include issues such as poor plumbing, damaged heating systems, septic problems, mold and pest concerns, or safety issues, and can often cost thousands of dollars in repairs if not detected in time.
Nevada disclosure laws
Nevada has some of the strongest disclosure laws in the country concerning at least residential real estate sales. NRS 116.4103 (see http://www.leg.state.nv.us/NRS/NRS-116.html#NRS116Sec4103), also necessitates that a homeowners association must clearly provide documentation detailing the state of the property, including the Information Statement Disclosing Homeowners’ Rights and Obligations form, to the buyer. If the form or other documents are not presented within a specified period, the buyer has the right to cancel the purchase.
Failure to knowingly disclose defects
If a seller fails to notify the purchaser of known serious defects affecting the quality of the property, the purchaser has a number of options. In Nevada, the buyer may have a right to:
- Cancel the purchase of the property without being penalized
- Receive a full return of their deposit
- Recover any legal fees spent
- Recover money spent on repairs
One of the biggest roadblocks for a plaintiff in a disclosure dispute is being able to prove that the seller had actual knowledge of the property concern before or during the purchase period. If there are major defects to your property of which you were unaware prior to the finalization of sale, it is of the utmost importance to consult a lawyer as soon as possible. Mr. Simon will use his knowledge of Nevada disclosure laws to assist you in this troublesome legal minefield.