Complete details of the Seller Real Property Disclosed Form in Nevada
What is meant by Seller Real Property Disclosed Form in Nevada?
According to Nevada Law, seller of any residential property needs to disclose all aspects and conditions of property which affect the use of value of the residential property in any adverse way.
Structure of the Disclosure Form
At the top of the form are details regarding the property address and date the form is being signed.
The Purpose of Statement-
It deems the property compliant to the Seller under Real Property Disclosure Act (effective from Jan 01, 1996). The seller has no expertise in architecture, construction or engineering.
Next is a list of defects or problems associated with the property that the seller needs to disclose. The seller needs to mark the fields as Yes, No, or Not Available (N/A)-
- Electrical System
- Cooling System
- Heating System
Below mentioned property condition, improvement and additional info are specified by seller-
- Moisture damage
- Structural defect
- Expansive or unstable soil
- Water seepage, flooding, drainage
- Problems with roof
- History of infestation
Chapter 113 of Nevada Real Estate specifies below details-
- Defect means a condition that affects the material value of property in adverse manner.
- Disclosure form is a form that complies with regulations dictated by NRS 113.120.
- Seller implies a person selling or intending to sell residential property
- Residential property is a land under state of Nevada
The buyers and sellers have to put down their initials at 3 places on the form and complete names on the last leaf of this 4 page form titled ‘Seller Real Property Disclosed Form in Nevada’.