NAC119.530. Contracts, agreements and other documents of sale.

     1. All contracts, agreements and other documents used in the sale of subdivision property are subject to the standards for advertising in this chapter.

     2. The following language must be printed clearly and conspicuously in 12-point boldface type at the top of all contracts for the sale of land:

     This is a binding contract by which you agree to purchase an interest in real property. You should examine your rights of revocation contained elsewhere in this contract.

     3. The following language or language of similar import may not be used in a contract of sale of a subdivision or lot, parcel, unit or interest in a subdivision: “Purchaser agrees that no representations, oral or implied, have been made to purchaser other than what is contained in this contract.”

     4. The following words must be printed clearly and conspicuously immediately above the purchaser’s signature in each contract for the sale of real property:

     The purchaser of any subdivision or any lot, parcel, unit or interest in any subdivision not exempted pursuant to the provisions of NRS 119.120 or 119.122 may cancel the contract of sale, by written notice, until midnight of the fifth calendar day following the date of execution of the contract, unless the contract prescribes a longer period for cancellation. The right of cancellation may not be waived. Any attempt by the developer to obtain such a waiver results in a contract which is voidable by the purchaser.

     The notice of cancellation must be delivered personally to the developer or sent by certified mail or telegraph to the business address of the developer.

     The developer shall, within 15 days after receipt of the notice of cancellation, return all payments made by the purchaser.

     5. Every contract of sale of subdivision property located outside Nevada which is sold within this state must contain one of the following sentences:

     This contract is to be construed according to the laws of the State of Nevada and specifically chapter 119 of NRS, or

     This contract is to be construed according to the laws of ....... Any purchaser solicited in the State of Nevada retains those rights granted him or her under chapter 119 of NRS.

     6. No developer, real estate licensee or other agent may make any written or oral statement which changes or tends to change the true nature or legal significance of any contract or legal document approved by the Division.

     7. All major improvements which are promised in a subdivision offer must be stated in the contract so as to bind legally the developer to provide them. The Division will decide which improvements are considered major. With the prior approval of the Division, major improvements which are promised in a subdivision may be included in the contract by reference to another document.

     8. Every contract of sale of subdivision property which does not require the delivery of a deed to the purchaser within 180 days after the date of sale must be executed in a form which is acceptable for recordation under the law of the jurisdiction where the property is located. A purchaser under such a contract must be advised at the time of the sale that the contract should be recorded in the county where the property is located or as otherwise required by law in order to give notice of the purchaser’s interest in that property. This subsection does not apply to a contract of sale in which the fee title is placed in trust under an agreement or trust acceptable to the Division as provided in subsection 2 of NRS 119.230.

     [Dep’t of Commerce, Real Estate Div., § 58, eff. 7-16-80]—(NAC A 10-23-87; 11-8-88; 12-19-89)