Las Vegas Homeowners' Association Bill
SENATE BILL 314 (SB 314)
Senate Bill 314 applies to all Las
Vegas Nevada homeowners who are selling property that is
governed by a Homeowners Association. The law has been created
to protect consumers who are about to purchase property within
the community.
With every transaction involving a Las Vegas property governed
by a Homeowners Association, prospective buyers must receive
what is known as the "Certificate of Resale" from
the seller which includes the following:
- A Copy of the Declarations and Covenants
Conditions and Restrictions
- Bylaws, and rules and regulations
- Association By-Laws
- Rules and Regulations of the Association
- Statement of monthly assessments for common
expenses and any unpaid assessments
- Current Operating Budget
- Current financial statement of the association
including a balance sheet
- Funds held in reserve for common elements
- Statement showing any unsatisfied judgments
or lawsuits against association
- Statement of the status of any pending
legal action against the association or relating to the
common interest community of which the seller has actual
knowledge
- A copy of the minutes of the most recent
Board of Directors meeting in the homeowners association
in which you are making a purchase.
The above information must be made available
to the Las Vegas homebuyer to review escrow
closes. It is important for the purchaser of the property
to receive this in a timely manner or he can rescind the sale
without penalty. The seller would then be obligated to refund
the earnest money deposit given at the time the purchase contract
was submitted.
Included in the Law is the creation of the office of the Ombudsman
who would act as a liaison concerning the Division of Real Estate
and the Board of Directors of any Homeowners Association regarding
the interpretation of the Law. An annual billing fee of approximately
$7 billed through the homeowners association funds this position.
For further details about SB314, contact the Las Vegas Real
Estate Division at 2501 W. Sahara, Las Vegas, NV 89102 or call
(702) 486-4033.
If you are planning to relocate in the Las Vegas area, contact
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