LAS VEGAS CIC Update and Refresher--New Law regarding the Resale Pack-Sellers must pay and provide

This is some more information on the new law that is now affect with regards to CIC Resale package.

I wrote about this previously Did you read the new MLS notice on NRS 116.4109 ? NEVADA LAW UPDATE: New Law changes for CIC (HOA) Resale Package..

but here it is directly from the Legal Byte go there to read more.

Below is an exerpt.

CIC Update and Refresher
By Deanne M. Rymarowicz, Esq.
GLVAR Legal Counsel

Effective immediately, when selling a home that is part of a common interest community (CIC), furnishing the resale package is "at the expense of the unit's owner." (See SB 253, Section 8.)

In other words, the seller is expressly and solely responsible for paying for the resale package.

There is absolutely no exception or exemption based on the identity of the seller (such as an asset manager) or the nature of the transaction (such as a short sale).

The clarification as to who pays for the resale package comes in SB 253 as put into effect on June 9, 2009 by virtue of a provision in AB 350. Each of these bills also added to the list of documents and information to be included in the resale package.

Finally, as a reminder, the foreclosure exemption in NRS 116.4101(2) does not apply to an REO transaction. That exemption deals only with the disposition from the borrower/homeowner back to the bank pursuant to foreclosure under NRS 107. Once the foreclosure takes place, the bank or asset manager is the unit's owner with all the same responsibilities as any other seller in a resale transaction.

All agents should stand firm with their clients and require that Nevada law is complied with in all transactions.