Nevada Revised Statutes 396.425 – Purchase of real property
Current as of: 2022 | Check for updates
|
Other versions
1. The Board of Regents may purchase real property for cash or by making a cash down payment and executing or assuming an obligation to pay the remainder of the price in deferred installments.
Terms Used In Nevada Revised Statutes 396.425
- Board of Regents: means the Board of Regents of the University of Nevada. See Nevada Revised Statutes 396.005
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
2. Such obligation may be secured by a mortgage or deed of trust of the real property acquired, but shall not constitute an obligation of the State of Nevada.