Public offering statement: General provisions.
1. Except as otherwise provided in NRS 116.41035, a public offering statement must set forth or fully and accurately disclose each of the following:
(a) The name and principal address of the declarant and of the common-interest community, and a statement that the common-interest community is either a condominium, cooperative or planned community.
(b) A general description of the common-interest community, including to the extent possible, the types, number and declarant’s schedule of commencement and completion of construction of buildings, and amenities that the declarant anticipates including in the common-interest community.
(c) The estimated number of units in the common-interest community.
(d) Copies of the declaration, bylaws, and any rules or regulations of the association, but a plat or plan is not required.
(e) A current financial statement and projected budget for the association, either within or as an exhibit to the public offering statement, for 1 year after the date of the first conveyance to a purchaser, and thereafter the current budget of the association. The budget must include, without limitation:
(1) A statement of the amount included in the budget as a reserve for repairs, replacement and restoration; and
(2) The projected monthly assessment for common expenses for each type of unit, including the amount established as a reserve pursuant to NRS 116.3115.
(f) A description of any services or subsidies being provided by the declarant or an affiliate of the declarant, not reflected in the budget.
(g) Any initial or special fee due from the purchaser at closing, together with a description of the purpose and method of calculating the fee.
(h) The terms and significant limitations of any warranties provided by the declarant, including statutory warranties and limitations on the enforcement thereof or on damages.
(i) A statement that unless the purchaser or his agent has personally inspected the unit, the purchaser may cancel, by written notice, his contract for purchase until midnight of the fifth calendar day following the date of execution of the contract, and the contract must contain a provision to that effect.
(j) A statement of any unsatisfied judgments or pending suits against the association, and the status of any pending suits material to the common-interest community of which a declarant has actual knowledge.
(k) Any current or expected fees or charges to be paid by units’ owners for the use of the common elements and other facilities related to the common-interest community.
(l) The information statement set forth in NRS 116.41095.
2. A declarant is not required to revise a public offering statement more than once each calendar quarter, if the following warning is given prominence in the statement: “THIS PUBLIC OFFERING STATEMENT IS CURRENT AS OF (insert a specified date). RECENT DEVELOPMENTS REGARDING (here refer to particular provisions of NRS 116.4103 and 116.4105) MAY NOT BE REFLECTED IN THIS STATEMENT.”
Last modified: February 27, 2006