CICs


I am still hearing that CICs are charging more than $160 and 25 cents per page for the Resale Package.

 

Per NRS 116.4109 Resales of Units (4)(b)/NAC 116.465 (1)(2) a CIC can charge up to $160 to cover the cost of preparing the CIC resale package.  Also, the CIC may charge 25 cents per page to cover the cost of copying the documents furnished other than the certificate.

So the CIC gets paid the $160 to provide the Certificate and then can charge to copy only these:

  1. Copy of the declaration;
  2. The Bylaws;
  3. The Rules or Regulations of the Association
  4. The Before You Purchase Property In A Common-Interest Community ….

 

They cannot charge to copy the whole ‘package’ – only those documents listed above.  If they charge a Seller for copying other items, like the certificate or the public pool schedule, demand they provide an accounting.

I have written a letter for you to demand they comply with NRS and NAC, it is located here.

Let me know how your progress goes.

Please see my other blogs on CIC:

 

Nevada CIC Resale Package Costs I

Nevada Condominium Hotel Disclosure

CIC Unpaid Delinquent Dues And How They Affect REO Listings

Changes to the Nevada CIC Resale Package

Non-Receipt of the Resale Package

Rental Restrictions within an Association

Nevada CIC Charges for Resale Packages

Nevada CIC Addendums

 

Can an association limit the amount of rentals in an association? Yes and No.  The Covenants, Conditions and Restrictions (CC&Rs) also know as a ‘declaration’ within an association can limit many things.  Limiting the amount of rentals is certainly an option.  Any subject matter that is not protected can be limited.  For example, it is not allowed to restrict family status, nor race, creed, color, etc. 

 

The question, however, is if the restriction was in place at the time of the recording of the CC&Rs.  A recent example that I was asked about was a ‘modification’ to the CC&Rs to limit rental use which was imposed by a Board of Directors. This is not allowed.  A modification of a restriction which limits the “use” of a property must be passed by the “unanimous consent of the owners affected.”  NRS 116.2117.

 

If your client is dealing with an association that limits the amount of renters, have your client do some research.  The client should contact the association and ask, “Which is the restriction that limits rental use? When was it created? If it was an amendment did it comply with NRS 116.2117 by gaining a unanimous consent of those properties affected? 

 

Note:  Even if the CC&Rs declare that a percentage of affected owners less than 100% is required to pass such an amendment, there is an argument that the statute trumps and 100% is still required.