Resales of units.
1. Except in the case of a sale in which delivery of a public offering statement is required, or unless exempt under subsection 2 of NRS 116.4101, a unit’s owner shall furnish to a purchaser before an offer to purchase a unit becomes binding on the purchaser:
(a) A copy of the declaration, other than any plats and plans, the bylaws, the rules or regulations of the association and the information statement required by NRS 116.41095;
(b) A statement setting forth the amount of the monthly assessment for common expenses and any unpaid assessment of any kind currently due from the selling unit’s owner;
(c) The current operating budget of the association and a financial statement for the association, which must include a summary of the financial components of the study of the reserves of the association required by NRS 116.31152; and
(d) A statement of any unsatisfied judgments or pending legal actions against the association and the status of any pending legal actions relating to the common-interest community of which the unit’s owner has actual knowledge.
2. The association, within 10 days after a request by a unit’s owner, shall furnish a certificate containing the information necessary to enable the unit’s owner to comply with subsection 1. A unit’s owner providing a certificate pursuant to subsection 1 is not liable to the purchaser for any erroneous information provided by the association and included in the certificate.
3. Neither a purchaser nor the purchaser’s interest in a unit is liable for any unpaid assessment or fee greater than the amount set forth in the certificate prepared by the association. If the association fails to furnish the certificate within the 10 days allowed by subsection 2, the seller is not liable for the delinquent assessment.
4. Upon the request of a unit’s owner, a purchaser to whom the unit’s owner has provided a certificate pursuant to subsection 1 or an authorized agent of the unit’s owner or the purchaser, the association shall make the entire study of the reserves of the association which is required by NRS 116.31152 reasonably available for the unit’s owner, purchaser or authorized agent to inspect, examine, photocopy and audit. The study must be made available at the business office of the association or some other suitable location within the county where the common-interest community is situated or, if it is situated in more than one county, within one of those counties.
Last modified: February 27, 2006