Please also see my June 10, 2009 Update on CIC Packages.

There are recent changes as to how you handle Common Interest Community (“CIC”) documents/disclosures in a real estate transaction in Nevada.  The CIC Addendum to the purchase agreement, crafted from the requirements of the NRS 116.4109 (which addresses the need for the delivery of the “the re-sale package”), is no longer required.  This addendum to the purchase agreement has been absorbed into the GLVAR Real Property Purchase Agreement. 

 In a time of mergers, the powerful NRS 116.4109 has joined forces with the Greater Las Vegas Association of REALTORS®.  It seems only yesterday that the statute’s modification in 1997 – and it’s implementation in the summer of 1998 – caused the now famous Re-Sale Package and the Addendum to Listing and Addendum to Purchase Agreements.  Some will remember when you used to have to provide “minutes,” oh the stories we could tell….

Now with the fine work of the Forms Committee of the Board (with three (3) members from Prudential®, Americana Group, REALTORS®) and its General Counsel Deanne Rymarowicz, Esq. we have Section 10 on Page 4 of 11, printed here for you just to savor the moment.

What you do still need in connection with the Re-Sale Package: 

Listing:  Where the property is in a CIC you must still have the Addendum to the Listing for CIC executed.

http://americenter.americanagrp.com/info/AmeriHelp/Net%20Forms/AddendumToListingAgreementForCommonInterestCommunityProperties.htm.

This is a helpful form that gets your Seller started on gaining the Re-Sale Package in preparation for the delivery to Buyer.  It also reminds the Seller of the NRS 40 and construction defect litigation must be disclosed by the Seller’s association. 

Sale:  The “Disclosure” also known as the “BEFORE YOU PURCHASE PROPERTY IN A COMMON-INTEREST COMMUNITY DID YOU KNOW . . .” is still required under NRS 116. 41095.

http://americenter.americanagrp.com/info/AmeriHelp/Net%20Forms/BeforeYou%20PurchasePropertyInACommonInterestCommunityDidYouKnow.htm

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