Sales: Review of information by broker or salesman; rescission by purchaser.
1. The information submitted pursuant to NRS 119.140 must be given to and reviewed with each purchaser by the broker or salesman before the execution of any contract for the sale of any such property. The broker shall obtain from the purchaser a signed receipt for a copy of the information and, if a contract for disposition is entered into, the receipt and a copy of all contracts and agreements must be kept in the broker’s files within the State of Nevada for 3 years or 1 year after final payment has been made on any contract for the sale of property, whichever is longer, and is subject to such inspection and audit as may be prescribed by regulations of the Division.
2. The purchaser of any subdivision or any lot, parcel, unit or interest in any subdivision, not exempted under the provisions of NRS 119.120 or 119.122 may cancel, by written notice, the contract of sale until midnight of the fifth calendar day following the date of execution of the contract, and the contract must so provide. The right of cancellation may not be waived. Any attempt by the developer to obtain such a waiver results in a contract which is voidable by the purchaser.
3. The notice of cancellation may be delivered personally to the developer or sent by certified mail or telegram to the business address of the developer.
4. The developer shall, within 15 days after receipt of the notice of cancellation, return all payments made by the purchaser.
Last modified: February 27, 2006