Nevada Revised Statutes 116B.725 – Applicability; exceptions
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1. Except as otherwise provided in subsection 2, NRS 116B.725 to 116B.795, inclusive, apply to all condominium hotels.
Terms Used In Nevada Revised Statutes 116B.725
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
2. Neither a public offering statement nor a certificate of resale need be prepared or delivered in the case of a:
(a) Gratuitous disposition of a unit;
(b) Disposition pursuant to court order;
(c) Disposition by a government or governmental agency;
(d) Disposition by foreclosure or deed in lieu of foreclosure;
(e) Disposition to a dealer;
(f) Disposition that may be cancelled at any time and for any reason by the purchaser without penalty; or
(g) Disposition of a unit not used for residential use.