Nevada Revised Statutes 148.270 – Hearing concerning confirmation of sale: Considerations; higher offer; continuance; confirmation of sale without bids of property subject to lien or mortgage exceeding value of property
1. At the hearing, the court shall consider the necessity for the sale, or the advantage, benefit and interest of the estate in having the sale made, and must examine the return and the evidence in relation to the sale.
Terms Used In Nevada Revised Statutes 148.270
- Contract: A legal written agreement that becomes binding when signed.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- mortgage: includes a deed of trust. See Nevada Revised Statutes 0.037
- 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
2. If it appears to the court that good reason existed for the sale, that the sale was legally made and fairly conducted, and complied with the requirements of NRS 148.260, that the sum bid is not disproportionate to the value, and it does not appear that a sum exceeding the bid by at least 5 percent if the bid is not more than $100,000, or by at least $5,000 if the bid is $100,000 or more, may be obtained, the court shall enter an order confirming the sale and directing conveyances to be executed. Otherwise, it shall vacate the sale. If the court directs that the property be resold, notice must be given and the sale in all respects conducted as if no previous sale had taken place.
3. If a written offer of 5 percent or $5,000 more in amount than that named in the return is made to the court by a responsible person, as provided in subsection 2, and the bid complies with all provisions of the law, the court may accept the offer and confirm the sale to that person, order a new sale or conduct a public auction in open court.
4. If a higher bid is received at the time of a hearing to confirm the sale, the court may continue the hearing if it finds that the original bidder was not notified of the hearing and might desire to increase his or her bid, but failure to notify the original bidder or to continue the hearing is not grounds to void an order confirming a sale.
5. If the court accepts a higher bid at the time of a hearing to confirm the sale, the court shall confirm the original purchase contract and include in the order confirming the sale the substitution of the new sale price and purchaser. The order confirming the sale is a sufficient addendum to the original contract to allow escrow to close.
6. Notwithstanding the provisions of this section, if the estate is subject to a lien or mortgage that exceeds the value of the property and the estate has entered into an agreement with the holder of the lien or mortgage to waive any deficiency as to other estate property and accept the net sales proceeds as full satisfaction of the lien or mortgage, the court shall confirm the sale without accepting bids on the property.