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Nevada Lemon Law |
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Nevada DisclosuresBuyers of real estate must rely to some extent on the sellers knowledge of the prospective property. To that extent, Nevada has developed a "lemon law" which involves the sellers complete disclosure of the condition of the property. In real estate transactions the seller must complete a four-page document which covers most aspects of their property. There are some exceptions to this law; for example, a landlord who has not lived in the property or a bank which has repossessed the home are not expected to be aware of defects. The loopholeA seller is not expected to disclose a defect of which he is not aware. If you complete the transaction and discover,after you've moved into the house, that there is a major problem with the roof, you may sue the seller for three times the cost of repairing the problem... plus legal fees. Now comes the crunch. You would have to prove in court that the seller was aware of the problem. Since we get such a small amount of rain (3-4 inches a year), it is conceivable that the seller wasn't aware of the problem. This is where getting to know your neighbors comes in handy. If the next door neighbor tells you that Charlie had complained about the problem last year, it looks like you would have a good case. Copies of the "Seller's Real Property Disclosure" document as well as many other disclosures can be found HERE Real estate agents are expected to treat clients fairly and should disclose any defects that they are aware of but agents are not construction experts and it would be a mistake to rely solely on an agents opinion. Your best insurance against being stuck with a "lemon" is to hire a professional home inspector. Be sure that your "offer to purchase" contains a provision which allows for a home inspection as well as an escape clause which will allow you to cancel the contract if the inspection reveals problems with the home |
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