Applicability; exceptions.
1. NRS 116.4101 to 116.412, inclusive, apply to all units subject to this chapter, except as otherwise provided in this section or as modified or waived by agreement of purchasers of units in a common-interest community in which all units are restricted to nonresidential use.
2. Neither a public offering statement nor a certificate of resale need be prepared or delivered in the case of a:
(a) Gratuitous disposition of a unit;
(b) Disposition pursuant to court order;
(c) Disposition by a government or governmental agency;
(d) Disposition by foreclosure or deed in lieu of foreclosure;
(e) Disposition to a dealer;
(f) Disposition that may be cancelled at any time and for any reason by the purchaser without penalty; or
(g) Disposition of a unit in a planned community which contains no more than 12 units if:
(1) The declarant reasonably believes in good faith that the maximum assessment stated in the declaration will be sufficient to pay the expenses of the planned community; and
(2) The declaration cannot be amended to increase the assessment during the period of the declarant’s control without the consent of all units’ owners.
3. Except as otherwise provided in subsection 2, the provisions of NRS 116.4101 to 116.412, inclusive, do not apply to a planned community described in NRS 116.1203.
Last modified: February 27, 2006