Nevada Revised Statutes 116B.395 – Respective interests of units’ owners following termination
The respective interests of units’ owners referred to in NRS 116B.385 and 116B.390 are as follows:
Terms Used In Nevada Revised Statutes 116B.395
- Appraisal: A determination of property value.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
1. Except as otherwise provided in subsection 2, the respective interests of units’ owners are the fair market values of their units, allocated interests and any limited common elements immediately before the termination, as determined by one or more independent appraisers selected by the hotel unit owner and the association. The decision of the independent appraisers must be distributed to the units’ owners and becomes final unless disapproved within 30 days after distribution by units’ owners to whom 25 percent of the total number of votes in the association are allocated. The proportion of interest of any unit’s owner to that of all units’ owners is determined by dividing the fair market value of that unit and its allocated interests by the total fair market values of all the units and their allocated interests.
2. If any unit or any limited common element is destroyed to the extent that an appraisal of the fair market value thereto before destruction cannot be made, the interests of all units’ owners are their respective interests in the common elements immediately before the termination.