mgm_grand-photoCondominium Hotel Disclosure Statement NRS 116B – “Before You Purchase Property In A Condominium Hotel Did You Know . . .”

The 2007 Nevada Legislature passed the Condominium Hotel Act as a result of AB431 and in 2008 NRS116B was written specifically for Condominium Hotels and patterned after NRS116.  This new chapter governing condominium hotels contains provisions regarding:

(1) the creation, alteration and termination of condominium hotels;

(2) the management of condominium hotels;

(3) the protection of purchasers; and

(4) the administration and enforcement of the chapter.

Similar to the disclosure statement known as Before you Purchase Property in a Common Interest Community Did you Know. . . ”  required with all Common Interest Communities in Nevada, Sellers of Units in Condominium Hotel have their own Information Statement as required by to NRS 116B.735 and NRS 116B.760.  It is located on Ameriforms here —>> Before You Purchase Property In A Condominium Hotel Did You Know . . .

The statement required by NRS 116B.735  and 116B.760  must be in substantially the form listed within NRS 616B.765.

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