Settlement by repurchase; certain offers of settlement deemed reasonable. In addition to any other method provided for settling a claim pursuant to NRS 40.600 to 40.695, inclusive, a contractor may, pursuant to a written agreement entered into with a claimant, settle a claim by repurchasing the claimant’s residence and the real property upon which it is located. The agreement may include provisions which reimburse the claimant for:
1. The market value of the residence as if no constructional defect existed, except that if a residence is less than 2 years of age and was purchased from the contractor against whom the claim is brought, the market value is the price at which the residence was sold to the claimant;
2. The value of any improvements made to the property by a person other than the contractor;
3. Reasonable attorney’s fees and fees for experts; and
4. Any costs, including costs and expenses for moving and costs, points and fees for loans.
ÊAny offer of settlement made that includes the items listed in this section shall be deemed reasonable for the purposes of subsection 1 of NRS 40.650.
Last modified: February 27, 2006