Nevada Revised Statutes 116.310395 – Delivery to association of converted building reserve deficit
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1. At the time of each close of escrow of a unit in a converted building, the declarant shall deliver to the association the amount of the converted building reserve deficit allocated to that unit.
Terms Used In Nevada Revised Statutes 116.310395
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
2. The allocation to a unit of the amount of any converted building reserve deficit must be made in the same manner as assessments are allocated to that unit.
3. As used in this section, ‘converted building reserve deficit’ means the amount necessary to replace the major components of the common elements needing replacement within 10 years after the date of the first close of escrow of a unit.