NAC645F.690. Foreclosure purchases: Cancellation of contract; notification of cancellation; restriction on signing of deed.

     1. A homeowner may cancel a contract with a foreclosure purchaser without penalty or obligation at any time before midnight of the third business day after the date on which the homeowner signs the contract.

     2. The contract must contain in immediate proximity to the space reserved for the homeowner’s signature a conspicuous statement in at least 12-point boldface type that the homeowner has the right to cancel the contract without penalty or obligation until midnight of the third business day after the date on which the homeowner signs the contract.

     3. Unless waived as provided for in subsection 1 of NAC 645F.695, cancellation occurs when the homeowner gives written notice of cancellation to the foreclosure purchaser at the address specified in the contract.

     4. Notice of cancellation, if given by mail, is effective when deposited in the mail properly addressed with postage prepaid.

     5. Notice of cancellation given by the homeowner is not required to take the particular form as provided with the contract and, however expressed, is effective if the notice indicates the intention of the homeowner not to be bound by the contract.

     6. Within 7 business days following receipt of a notice of cancellation given in accordance with subsection 3, the foreclosure purchaser shall return without condition any original contract and any other documents signed by the homeowner.

     7. Until the period for cancellation that is provided in subsection 1 has expired, a foreclosure purchaser cannot ask a homeowner to sign, or have a homeowner sign, any deed or other document.

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