If you`re planning on buying a home in Nevada, it`s important to understand the legal agreement that governs the transaction: the residential purchase agreement. This document outlines the terms and conditions of the sale and is essential for protecting both the buyer and the seller.
In 2017, there were some changes to the Nevada residential purchase agreement that you should be aware of. Let`s take a closer look at what`s new and what you need to know.
First of all, the 2017 agreement includes a new section on “As-Is Condition.” This section states that the buyer acknowledges that they are purchasing the property in its current condition, and that the seller has made no guarantees or warranties about the condition of the property. This is important to understand, as it means that if any issues arise with the property after closing, the buyer may be responsible for addressing them.
Another change in the 2017 agreement is the addition of a section on “Mediation and Arbitration.” This section outlines a process for resolving disputes that may arise between the buyer and the seller. If a dispute cannot be resolved through mediation, it will be referred to binding arbitration.
The 2017 agreement also includes updated language regarding property inspections. The buyer is now responsible for scheduling and paying for any inspections they wish to have done, and must do so within a specified timeframe. The seller is required to provide access to the property for these inspections, but is not responsible for any repairs or corrections that may be necessary.
Finally, the 2017 agreement includes new language regarding the seller`s disclosure obligations. Specifically, they must now disclose any material defects that they are aware of, even if they believe the defects have been corrected. This is important for buyers to know, as it ensures that they are fully informed about the condition of the property before making a purchase.
Overall, the 2017 Nevada residential purchase agreement contains several important updates and changes that both buyers and sellers should be aware of. If you`re planning on buying a home in Nevada, it`s essential that you read the agreement carefully and understand your rights and obligations under its terms. And if you have any questions or concerns, don`t hesitate to seek the advice of a qualified real estate attorney or agent.