The Nevada residential real estate purchase agreement (“residential purchase and sale agreement”) is a contract used to facilitate the purchase of real estate between a buyer and a seller. On the agreement, the buyer will present a monetary offer to purchase the property, which includes the terms of their offer.
Furthermore, the buyer must specify how they will be financing the purchase if their offer is accepted by the seller. Up until the date that the buyer’s offer closes, the seller may choose to accept the offer, negotiate, or refuse it. If both parties are in agreement and sign the document, the sale will be finalized making it legally binding.
Required Seller Disclosures in Nevada
Residential real estate purchase agreements commonly contain promises and provisions guaranteeing a property’s condition. Many states legally require sellers to disclose explicit information concerning a property’s condition. In states where this is required and a seller willfully hides such information, they can be sued for fraud.
In Nevada, sellers are required to complete a real estate purchase agreement and the following disclosure statement in order for the agreement to be considered legally binding:
Seller’s Real Property Disclosure Form. Nevada law requires the seller of residential real property to 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. (NRS 113.130)