Nevada Revised Statutes 117.065 – Maintenance fees: Custodial accounts; records
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Any person who receives fees from a purchaser of a condominium for the maintenance of the project shall:
Terms Used In Nevada Revised Statutes 117.065
- Condominium: means an estate in real property consisting of an undivided interest in common in portions of a parcel of real property together with:
(a) A separate interest in space in a residential, industrial or commercial building or industrial and commercial building on such real property, such as, but not restricted to, an apartment, office or store; or
(b) A separate interest in air space only, without any building or structure, to be used for a mobile home. See Nevada Revised Statutes 117.010
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- Project: means the entire parcel of real property divided or to be divided into condominiums, including all structures thereon. See Nevada Revised Statutes 117.010
1. Immediately deposit the money in a separate custodial account maintained by the person with some bank, credit union or recognized depositary in this State.
2. Keep records of all such money deposited therein.