“Owner’s net proceeds” defined. “Owner’s net proceeds” means the gross receipts to which an owner is entitled upon the disposition of any commercial real estate specified in a brokerage agreement. The term does not include:
1. Any money that is required to pay an encumbrance, claim or lien that has priority over a claim recorded pursuant to the provisions of NRS 645.8775 other than an encumbrance, claim or lien that the person to whom the commercial real estate is conveyed or otherwise transferred authorizes to remain after the disposition of the real estate; or
2. Any costs incurred by the owner to close escrow for that commercial real estate.
Last modified: February 27, 2006