Existing law authorizes a unit-owners' association for a common-interest community to charge certain fees for opening or closing a file relating to a unit and preparing a certificate containing certain information which is required to be provided by a unit's owner or his or her authorized agent to a purchaser in a resale package. (NRS 116.3102, 116.4109) Section 5.5 of this bill: (1) provides for an inflationary adjustment of the maximum amount of the fee that may be imposed for opening or closing a file relating to a unit; and (2) prohibits the imposition of a fee for those services other than or in excess of the authorized fees. Section 7.2 of this bill: (1) establishes a statutory maximum fee which may be charged for a certificate containing certain information which is required in a resale package; and (2) prohibits the imposition of a fee for providing such a certificate or related services other than or in excess of the authorized fees. Section 1.5 of this bill establishes a process for the Real Estate Division of the Department of Business and Industry to investigate complaints alleging violations of the fee provisions and imposes administrative fines for such violations. Sections 7.4-7.8 of this bill make conforming changes to indicate the placement of section 1.5 within the Nevada Revised Statutes. Existing law provides that chapter 116 of NRS, which pertains to common-interest ownership, generally applies to all common-interest communities created within this State, however the provisions of chapter 116 of NRS do not require a common-interest community created before January 1, 1992, to comply with certain provisions governing the creation, alteration and termination of common-interest communities. (NRS 116.1201) Existing law also provides that the provisions of chapter 116 of NRS do not apply to nonresidential condominiums or nonresidential planned communities except in certain circumstances, including when the declaration of such a condominium or planned community provides that only certain provisions governing the creation, alteration and termination of common-interest communities and certain other provisions apply to the condominium or planned community. (NRS 116.12075, 116.12077) Sections 2, 4 and 5 of this bill revise such provisions to include a reference to all provisions governing the creation, alteration and termination of common-interest communities. Existing law authorizes a unit's owner, his or her authorized agent or the holder of a security interest on the unit to request a statement of demand from an association, which the association is required to provide not later than 10 days after receipt of the request. Existing law authorizes an association to charge a fee of not more than $165 to prepare and provide such a statement. (NRS 116.4109) Existing law also provides that, with regard to enforcing an association's lien against a unit, the cost for a demand or intent to lien letter must not exceed $150. (NRS 116.3116) Section 6 of this bill increases such an amount to $165 to conform with the amount an association is authorized to charge to prepare and provide a statement of demand. Existing law generally requires a unit's owner whose unit is being sold, or his or her authorized agent, to provide to a purchaser a resale package containing certain information. Existing law requires an association, upon request by a unit's owner or his or her authorized agent, to provide to the unit's owner or his or her authorized agent certain documents for inclusion in a resale package, including a certificate that contains information necessary to enable the unit's owner to provide information required to be included in the resale package. (NRS 116.4109) Existing law provides that a public offering statement and such a certificate do not need to be prepared or delivered in the case of certain dispositions of a unit. (NRS 116.4101) Section 7 of this bill instead provides that a public offering statement and the entire resale package do not need to be prepared or delivered in the case of such dispositions of a unit. Existing law establishes certain specific requirements for providing notice of a sale of property on execution and additional requirements for a sale of property that is a residential foreclosure, which is the sale by foreclosure of a single family residence comprised of not more than four units. (NRS 21.130) Section 8 of this bill additionally requires that in the case of a foreclosure sale, which is the sale by foreclosure of any real property, notice must be given to: (1) each person who has recorded a request for a copy of a notice of default or notice of sale with respect to the mortgage or other lien being foreclosed; (2) each other person with an interest in the real property whose interest or claimed interest is subordinate to the mortgage or other lien being foreclosed; and (3) an association that has recorded a request for a copy of a deed upon a foreclosure sale. Existing law establishes certain requirements for the sale of real property that consists of several known lots or parcels. (NRS 21.150) Section 9 of this bill provides that such requirements do not apply to the foreclosure of a mortgage or other lien upon real estate. Existing law establishes provisions relating to an abstract of title concerning real property to be partitioned, which must be verified by the affidavit of the person making the abstract of title. (NRS 39.180, 39.190) Section 10 of this bill instead requires a court, to the extent necessary to grant appropriate relief, to ascertain the state of the title to the property to be partitioned pursuant to the report of a title company in which the title company certifies that it has issued a guarantee for the benefit of the plaintiff or defendant and that lists the names of each owner of record of the property and each holder of record of certain security interests in the property. Section 11 of this bill authorizes any such guarantee issued by a title company that is incorrect to be corrected under the direction of the court. Existing law generally provides that there can only be one action for the recovery of any debt or the enforcement of any right secured by a mortgage or other lien upon real estate, but specifies that such an action does not include any act or proceeding for the exercise of any right or remedy authorized by the Uniform Commercial Code. (NRS 40.430) Section 12 of this bill makes a technical change to include a reference to additional articles of the Uniform Commercial Code as codified in the Nevada Revised Statutes. Sections 13 and 14 of this bill remove obsolete provisions regarding certain mortgages of personal property or crops from the provisions of law relating to the recording of assignments of mortgages and the subordination or waiver of priority of mortgages and other interests in real property. Section 14 also provides that an instrument that subordinates or waives priority of a mortgage or deed of trust of, lien upon or interest in real property is not enforceable in connection with a foreclosure or a trustee's sale until it is recorded. Existing law authorizes a deed of trust to adopt by reference certain covenants, agreements, obligations, rights and remedies. (NRS 107.030) Section 15 of this bill makes a technical change to provide uniformity in the language used in the covenants. Existing law requires every owner of property who records a notice of waiver of owners' rights with the county recorder of the county in which the property is located before the commencement of construction of a work of improvement on the property to serve such notice on any prime contractor of the work of improvement and all other lien claimants who give the owner a notice of right to lien within 10 days after: (1) the owner's receipt of a notice to lien; or (2) the date on which the notice of waiver is recorded with the county recorder. (NRS 108.2405) Section 16 of this bill provides that the 10-day time limitation applies to whichever of the two events occurs later.

Statutes affected:
As Introduced: 116.1201, 116.1203, 116.12075, 116.12077, 116.3116, 116.4101, 21.130, 21.150, 39.180, 39.190, 40.430, 106.210, 106.220, 107.030, 108.2405
Reprint 1: 116.1201, 116.12075, 116.12077, 116.3102, 116.3116, 116.4101, 116.4109, 116.745, 116.750, 116.755, 21.130, 21.150, 39.180, 39.190, 40.430, 106.210, 106.220, 107.030, 108.2405
Reprint 2: 116.1201, 116.12075, 116.12077, 116.3102, 116.3116, 116.4101, 116.4109, 116.745, 116.750, 116.755, 21.130, 21.150, 39.180, 39.190, 40.430, 106.210, 106.220, 107.030, 108.2405
As Enrolled: 116.1201, 116.12075, 116.12077, 116.3102, 116.3116, 116.4101, 116.4109, 116.745, 116.750, 116.755, 21.130, 21.150, 39.180, 39.190, 40.430, 106.210, 106.220, 107.030, 108.2405