Nevada Revised Statutes 645.8761 – Broker has claim upon owner’s net proceeds for earned commissions; conditions and limitations on enforcement of claim; waiver; inapplicability to third-party claims; obligation to close escrow unaffected by claim
1. A real estate broker has a claim upon the owner’s net proceeds from the disposition of commercial real estate for any commission earned by the real estate broker pursuant to a brokerage agreement. For the purposes of this subsection, a commission shall be deemed to be earned when the real estate broker has performed his or her duties pursuant to the brokerage agreement.
Terms Used In Nevada Revised Statutes 645.8761
- Commission: means the Real Estate Commission. See Nevada Revised Statutes 645.010
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- 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.
- 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
- Personal property: All property that is not real property.
- real estate: means every interest or estate in real property including but not limited to freeholds, leaseholds and interests in condominiums, town houses or planned unit developments, whether corporeal or incorporeal, and whether the real property is situated in this State or elsewhere. See Nevada Revised Statutes 645.020
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
2. The claim belongs to the real estate broker named in the brokerage agreement and not to an employee or independent contractor of the real estate broker.
3. A claim that is recorded pursuant to the provisions of NRS 645.8775:
(a) Is a claim upon personal property and does not attach to the title of any real property.
(b) May be waived if, on or before the date the brokerage agreement is executed, the real estate broker signs a written waiver of the real estate broker’s right to enforce the claim. The waiver must be printed in uppercase letters and must be limited to one transaction. A person other than the real estate broker may not waive the rights of the real estate broker pursuant to this section, regardless of whether that person may execute and bind the real estate broker to a brokerage agreement.
(c) May not be enforced by a person other than the real estate broker and the owner.
4. A claim of a third party may not be brought or otherwise adjudicated pursuant to the provisions of NRS 645.8701 to 645.8811, inclusive.
5. The recording or enforcement of a claim by a real estate broker pursuant to the provisions of NRS 645.8701 to 645.8811, inclusive, does not relieve the owner of his or her obligation to close escrow for any commercial real estate.