Key Takeaways
- Nevada requires sellers of residential property to provide the Seller's Real Property Disclosure Form
- The disclosure form is mandated by NRS 113.120 and covers detailed property condition information
- Licensees must disclose known material facts affecting property value to ALL parties
- Lead-based paint disclosure is required for pre-1978 homes under federal law
- Licensees can be liable if they know of a defect and fail to disclose it
Nevada Property Disclosures
Nevada has specific disclosure requirements for residential real estate transactions under NRS Chapter 113.
Seller's Real Property Disclosure Form
Legal Requirement
Under NRS 113.120, the Real Estate Division must prescribe a form for disclosing the condition of residential property offered for sale.
| Requirement | Details |
|---|---|
| Who must provide | Sellers of residential property |
| When | Before or upon execution of purchase agreement |
| Form | Seller's Real Property Disclosure Form |
| Applies to | Residential sales (1-4 units) |
What the Disclosure Covers
The Nevada Residential Disclosure Guide covers:
| Category | Examples |
|---|---|
| Structural | Foundation, roof, walls, floors |
| Systems | HVAC, electrical, plumbing |
| Appliances | Included appliances and their condition |
| Environmental | Mold, lead, asbestos, radon |
| Legal | Liens, easements, CC&Rs, HOA |
| Property issues | Flooding, drainage, soil problems |
| Improvements | Permits, additions, renovations |
Exemptions from Disclosure
The seller disclosure may NOT be required for:
| Exemption | Reason |
|---|---|
| Foreclosure sales | Bank-owned properties |
| Estate sales | Executor may not have knowledge |
| Court-ordered sales | Judicial oversight |
| New construction | Builder warranties apply |
| Transfers between co-owners | Family/business transfers |
Note: Even when exempt, licensees still have their own disclosure duties.
Licensee Disclosure Obligations
Independent Duty Under NRS 645.252
Regardless of what the seller discloses, licensees must disclose:
| Duty | Scope |
|---|---|
| Material facts known | Facts you actually know |
| Facts should have known | Facts discoverable through reasonable diligence |
| To all parties | Both represented and unrepresented |
Agent Liability for Misrepresentation
Under NRS 645.259, agents can become liable if:
| Situation | Liability |
|---|---|
| Agent knows client misrepresented | Agent failed to inform other party |
| Agent knows of undisclosed defect | Agent must disclose to buyer |
| Agent actively conceals defect | Full liability for damages |
Key Point: If you know your client failed to disclose a material defect, YOU must disclose it to the other party.
Stigmatized Property
Nevada addresses stigmatized property (psychological impacts):
No Duty to Disclose (Generally)
| Issue | Required to Disclose? |
|---|---|
| Deaths on property | Generally no |
| Suicides or crimes | Generally no |
| Alleged hauntings | No |
| Nearby sex offenders | No |
Exception: Direct Questions
If asked directly, the licensee must:
- Answer honestly if they know the answer
- May decline to answer if they don't know
- Cannot make false statements
Federal Lead-Based Paint Disclosure
For homes built before 1978, federal law requires:
| Requirement | Details |
|---|---|
| Disclosure | Known lead-based paint hazards |
| Pamphlet | "Protect Your Family From Lead in Your Home" |
| Inspection period | 10 days (waivable by buyer) |
| Form | Lead-Based Paint Disclosure form |
| Applies to | All pre-1978 residential sales |
Warning: Lead-based paint disclosure is REQUIRED regardless of any state exemptions. This is federal law (42 U.S.C. 4852d).
Common Law Fraud
Beyond statutory duties, licensees can face liability for common law fraud:
| Element | Description |
|---|---|
| Misrepresentation | False statement of fact |
| Material | Important to the decision |
| Knowledge | Knew or should have known it was false |
| Intent | Made to induce reliance |
| Reliance | Other party relied on it |
| Damages | Resulting harm |
What disclosure form is required by Nevada law for residential property sales?
Under Nevada law, can a licensee be held liable for a client's misrepresentation?
Which disclosure is required by FEDERAL law regardless of Nevada state law?