How Do I Sign Nevada Banking Form

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summary of sellers real property disclosure form in accordance with Nevada law a seller of residential real property must disclose any and all known conditions and aspects of the property which materially affect the value or use of residential property in an adverse manner commonly referred to as the SR PD the purpose of the form is to make the buyer aware of the overall condition of the property before it is transferred this disclosure is not a guarantee nor does it take the place of an inspection in some cases a seller has never lived in the property and may have no knowledge of the condition of the property thus the buyers advise to obtain an independent inspection performed by a properly licensed home inspector the seller must complete the SRP D form detailing the condition of the property known defects and any other aspects of the property which may affect its use or value a real estate licensee unless they are the seller of the property may not complete this form the buyer may only sign the form after full and proper completion by the seller a buyer may resend the contract without penalty if they do not receive a fully and properly completed SRP D form if a buyer closes this transaction without a completed form or if a known defect is not disclosed to the buyer the buyer may be entitled to triple damages unless the buyer waives their rights under NRS one one three one five zero paragraph six the SRP D is divided into five main sections the first section identifies the property its occupancy and the type of seller it then explains the purpose of the form and provides instructions to the seller the second section is broken into two parts systems and appliances and property conditions improvements and additional information this is the central part of the SRP D the form must be fully and properly completed if the seller has no knowledge no is an appropriate answer to the are you aware questions each question must be answered with a mark in the corresponding yes no or in some cases in a box the third section is provided for the seller to explain any yes answers in the fourth section chapter one 1/3 of the Nevada Revised Statutes is provided for the parties convenience the seller is obligated to deliver the document to the buyer within five days of having an effective contract to purchase if they do not do so in time but delivers it late the buyers right to cancel the contract remains alive until such time as the buyer receives the document and has ample opportunity to review it and respond Nevada law requires the document to be delivered not later than 10 days prior to the close of escrow and any new defects must be reported to the buyer before close of escrow after initial inspection however proper procedure and the contract says the SR PD should be delivered to the buyer within five days if the seller fails to deliver the SR PD at any time then the buyers right to cancel remains alive through the moment of closing furthermore after the buyer takes ownership of the property should they discover any defects and have a way of proving that the seller knew about them or realize proceeded or had knowledge of the defect and failed to disclose them the buyer may sue the seller and as a title under Nevada law to recover an amount equal to three times the cost of repairs the fifth section contains signature blocks for the seller and buyer the seller signature block contains a statement that the information provided is true and correct to the best of sellers knowledge and a reminder that newly discovered defects and known defects that become worse must be disclosed the buyer signature block acknowledges received the SRP D including a copy of NRS chapter 1 1 3 . 100 through 150 and advises the buyer to obtain professional advice and inspections of the property to more fully determine its condition the information provided above is not legal or tax advice you should consult with a professional of your choice regarding any questions or concerns before its execution