Foreclosure of liens: Mailing of notice of delinquent assessment; recording of notice of default and election to sell; period during which unit’s owner may pay lien to avoid foreclosure; limitations on type of lien that may be foreclosed.
1. Except as otherwise provided in subsection 4, in a condominium, in a planned community, in a cooperative where the owner’s interest in a unit is real estate under NRS 116.1105, or in a cooperative where the owner’s interest in a unit is personal property under NRS 116.1105 and the declaration provides that a lien may be foreclosed under NRS 116.31162 to 116.31168, inclusive, the association may foreclose its lien by sale after:
(a) The association has mailed by certified or registered mail, return receipt requested, to the unit’s owner or his successor in interest, at his address if known and at the address of the unit, a notice of delinquent assessment which states the amount of the assessments and other sums which are due in accordance with subsection 1 of NRS 116.3116, a description of the unit against which the lien is imposed and the name of the record owner of the unit;
(b) Not less than 30 days after mailing the notice of delinquent assessment pursuant to paragraph (a), the association or other person conducting the sale has executed and caused to be recorded, with the county recorder of the county in which the common-interest community or any part of it is situated, a notice of default and election to sell the unit to satisfy the lien, which contains the same information as the notice of delinquent assessment, but must also describe the deficiency in payment and the name and address of the person authorized by the association to enforce the lien by sale; and
(c) The unit’s owner or his successor in interest has failed to pay the amount of the lien, including costs, fees and expenses incident to its enforcement, for 90 days following the recording of the notice of default and election to sell.
2. The notice of default and election to sell must be signed by the person designated in the declaration or by the association for that purpose or, if no one is designated, by the president of the association.
3. The period of 90 days begins on the first day following the later of:
(a) The day on which the notice of default is recorded; or
(b) The day on which a copy of the notice of default is mailed by certified or registered mail, return receipt requested, to the unit’s owner or his successor in interest at his address, if known, and at the address of the unit.
4. The association may not foreclose a lien by sale based on a fine or penalty for a violation of the governing documents of the association unless:
(a) The violation threatens the health, safety or welfare of the residents of the common-interest community; or
(b) The penalty is imposed for failure to adhere to a schedule required pursuant to NRS 116.310305.
Last modified: February 27, 2006