Please also see my June 10, 2009 Update on CIC Packages.
I received an attractive question from a salesperson.
Question: “So, the CIC documents (the resale package) is not being delivered to my buyer. It’s a long story, but my buyer doesn’t want to pay, the seller doesn’t want to pay, etc. I am worried the buyer will regret this.”
Answer: “You should place in writing, that the buyer should buy it, even if the seller is meant to provide it as these CC&Rs are going to affect them.”
Q- What should the language say?
A – Well, as luck would have it! I wrote another form which can be located at ameriforms: Re-Sale’ Package Non Receipt Buyers’ Hold Harmless of Broker… here’s what is says:
The Common Interest Community/Home Owners Association Resale Package also known as the “Resale Package” concerning the Property is not being provided by Seller to Buyer as required by NRS 116. The Buyer instructs that they do not wish to purchase the Resale Package at their own expense, due to the restrictive cost or other reasons. Buyer is aware of the location, price and how to purchase the Resale Package via the CIC community above described. Buyer understands that they are not in receipt of the CC&R’s, Bylaws, financials and other documents they are meant to receive via NRS 116.4109 and the Buyer understands that these documents are binding upon the Buyer and affect the Buyer’s real property rights. Buyer holds harmless the Seller, Seller Broker/Salespersons and Buyer Broker/Salespersons as to any and all losses, damages, inconvenience the Buyer may sustain as a result of the non receipt of the “re-sale” package. Finally Buyer is made aware that upon a conveyance of real property without the purchaser receiving the “re-sale” package Buyer is NOT entitled to “cancel” the purchase agreement or “damages, rescission or other relief based solely on the ground that the unit’s owner or his authorized agent failed to furnish the resale package, or any portion thereof, as required by this section.”
May 13, 2009 at 1:05 am
Yeah, I think it’s a good package, I can help me a lot.
May 15, 2009 at 3:29 pm
I realize there are many who will disagree with my position, but my reading of NRS 116 does not show me any place where a Seller can either demand a Buyer waive receipt of a CIC Resale package, nor anyplace where a Buyer is even allowed to waive receipt.
Hopefully, with the passage of SB 253 in the current legislature, it will become clear that the Seller must “provide AND pay for the CIC package. The only sellers exempt are governmental entities (FNMA, FHLMC, HUD, etc.). (FNMA and FHLMC really aren’t truly governmental entities in reality, but they will claim they are because most of us don’t know the difference!)
Most lenders will continue to ignore the law however, because our industry and its leaders is not willing to stand up to them nationwide, which is really the only way to solve the problem.
November 23, 2015 at 11:05 pm
Correct, the Seller must “pay for the CIC package and provide Re-Sale package within 2 business days of acceptance and provide to Buyer within one (1) day of Seller’s receipt thereof in according to NRS 116.4.4109 . If Buyer does not receive the Resale package within fifteen (15) calendar days of Acceptance, the agreement may cancel in full by Buyer w/o penalty. Upon such writing cancellation Buyer shall promptly receive a refund of the EMD. Had been over 45 days from acceptance, Seller still does not provide the resale package to us (Buyer), refuse to accept the writing cancellation of contract in order to return EMD to us and re-list the property with different agent w/o resolve and closed the existing escrow. Is it legal for Seller to relist the property when the escrow still open on previous purchase from a same property?
June 11, 2009 at 9:30 am
[…] wasn’t sure if they wan’t to pay for the Package and in this blog from May 9, 2009 Non-Receipt of the Resale Package we created a holdharmless form (Re-Sale’ Package Non Receipt Buyers’ Hold Harmless of […]
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June 8, 2010 at 10:22 am
I enjoyed your updates and will continue to stay informed with your insights.
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