Nevada Seller’s Real Property Disclosure Form
If you are a buyer or seller of real estate anywhere in southern Nevada—Las Vegas, Henderson, Boulder City, or Mesquite—you need to be aware of your rights and responsibilities under Nevada law with regard to the Seller’s Real Property Disclosure Form.
With 20+ years of experience in the real estate field, you need the skilled legal advice of Charles L. Geisendorf.
The Nevada Revised Statutes (NRS) have the entire chapter, NRS 113, dealing with real estate in Nevada. One of the most important aspects of property transactions is the Seller’s Real Property Disclosure Form, or SRPD. At its simplest, the SRPD discloses any and all known problems with a property that might negatively impact its use or value, primarily in the form of needing restoration or repair, such as faulty pipes or water damage. The intent of the SRPD is to make the buyer aware of the condition of the property before purchase.
By law, sellers must complete the Seller’s Real Property Disclosure Form form as thoroughly and honestly as possible to prevent any legal problems that might arise from the failure to disclose a defect. Every property is unique in its own way. SRPDs not only cover negative issues but also unique conditions like conservation easements or home solar installations, which carry tax implications for the purchaser. Full disclosure allows the buyer to know the condition of the property before the sale is complete. By law, without a complete SRPD a buyer may cancel the contract with no penalty. If the buyer closes escrow and it turns out that a defect was not disclosed on the SRPD, with solid legal representation, litigation may return triple damages to the buyer.
So if you’re the seller it is vitally important that the Seller’s Real Property Disclosure Form be completed properly, for everyone’s benefit. The SRPD consists of five main sections, which are broken down as: one, the individual property, the type of seller, and the primary purpose of the SRPD; two, systems and appliances, conditions of the property for sale, any additional information deemed necessary to convey to the buyer, with “yes” and “no” answers to questions about conditions of the property; three, a very important section where the seller explains in detail any “yes” answers regarding problems in section two; four, a breakdown of NRS 113’s vital points, such as the seller’s obligation to deliver the SRPD to the buyer within 5 days of a contract to purchase, and other important details about document timing and rights to cancel contracts; and five, the signature blocks for buyer and seller, with the seller’s signature block attesting that all information on the SRPD is true and complete to his or her knowledge, and the buyer’s signature block confirming receipt and also recommending a professional inspection of the property to more fully determine its condition.
Most real estate transactions go smoothly, but sales can become a legal nightmare if things go wrong. Whether you’re a buyer or seller, if a mistake has been made on an SRPD and you are considering or facing legal action, you should reach out soon for the best legal assistance available. There are deadlines, missing one could cost you a sale, or, worse, subject you to litigation.
With over 20 years of experience in real estate law, The Law Offices of Charles L. Geisendorf, Ltd. will give you peace of mind, whether it’s a quick review of forms before purchase or enforcement of your rights through litigation.
Don’t hesitate, protect yourself and ask for advice now.