Are you in the market to buy or sell Las Vegas real estate? Whether you are a buyer or a seller, it is important for you to understand Nevada’s disclosure laws. For a buyer, this information may not only give you peace of mind, but also enlighten you as to your rights in the event something that should have been disclosed was not. For a seller, it is important to know your disclosure obligations, to ensure you comply with them.
Nevada has some of the strongest disclosure laws in the country. Not only does the seller have obligations, but so does an HOA. Briefly, the seller has an obligation to notify the buyer of known defects affecting the quality of the property, HOAs must provide documentation detailing the state of the property, including the Information Statement Disclosing Homeowners’ Rights and Obligations form.
If a seller fails to fulfill his disclosure obligations, the buyer may have a right to cancel the purchase, receive a full return of their deposit, recover any legal fees incurred and/or recover money spent on repairs.
Contact Marc Simon Law—your Las Vegas real estate attorney—today to discuss your real estate law needs!