NAC645F.680. Foreclosure purchases: Terms to be included in contract.

Every contract entered into between a homeowner and a foreclosure purchaser must contain the entire agreement of the parties and must include the following terms:

     1. The name, business address and telephone number of the foreclosure purchaser;

     2. The address of the residence;

     3. The total consideration to be given by the foreclosure purchaser in connection with or incident to the sale of the residence;

     4. A complete description of the terms of payment or other consideration, including, but not limited to, any services of any nature that the foreclosure purchaser represents will be performed for the foreclosed homeowner before or after the sale;

     5. The date on which possession of the residence is to be transferred to the foreclosure purchaser; and

     6. A complete description of the terms of any related agreement designed to allow the homeowner to remain in the residence, such as a rental agreement, repurchase agreement, contract for deed, or lease with option to buy.

     (Added to NAC by Comm’r of Mortgage Lending by R052-09, 8-25-2009, eff. 10-1-2009)