Nevada Revised Statutes 148.260 – Confirmation of sale: Requirement of appraisement; court waiver of requirement of appraisement under certain circumstances
1. Except as otherwise provided in subsection 2, a sale of real property at a private sale must not be confirmed by the court unless the court is satisfied that the sum offered represents the fair market value of the property sold and the real property has been appraised within 1 year before the time of sale. If the property has not been appraised, a new appraisement must be performed, as in the case of an original appraisement of an estate, at any time before the sale or confirmation of the property.
Terms Used In Nevada Revised Statutes 148.260
- 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.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
2. The court may waive the requirement of an appraisement:
(a) For good cause shown; or
(b) If the personal representative is the sole devisee or heir of the estate, or if all devisees or heirs consent in writing to sale without an appraisal, in which case the personal representative may rely on the assessed value of the property for taxation in obtaining confirmation of the sale.