[WestieJeff]

Pretty sure that would fail completely as NRS 116.1104 describes that "Provisions of chapter may not be varied by agreement, waived or evaded".

Originally Posted by lvoc

Clause in RPA...

COMMON-INTEREST COMMUNITIES: If the Property is subject to a Common Interest Community ("CIC"), Seller or his authorized agent shall request the CIC documents and certificate listed in NRS 116.4109 (collectively, the "resale package") within two (2) business days of Acceptance and provide the same to Buyer within one (1) business day of Seller's receipt thereof. Buyer may cancel this Agreement without penalty until midnight of the fifth (5th) calendar day following the date of receipt of the resale package. If Buyer does not receive the resale package within fifteen (15) calendar days of Acceptance, this Agreement may be cancelled in full by Buyer without penalty. If Buyer elects to cancel this Agreement pursuant to this section, he must deliver, via hand delivery or prepaid U.S. mail, a written notice of cancellation to Seller or his authorized agent identified in the Confirmation of Representation at the end of this Agreement. Upon such written cancellation, Buyer shall promptly receive a refund of the EMD. The parties agree to execute any documents requested by ESCROW HOLDER to facilitate the refund. If written cancellation is not received within the specified time period, the resale package will be deemed approved. Seller shall pay all outstanding CIC fines or penalties at COE.

Don't you love this stuff?

[okaythen01]

Exactly what are in the "resale package"?

So I can get the HOA documents from either the seller or my agent I guess? When do they usually provide that? after an offer is accepted? So if I want to make the DD as long as possible I can just request the HOA doc at the last day of DD(if they never provide the HOA docs)

[WestieJeff]

There is a bunch of stuff in the resale package, it includes a copy of the CC&R's, the most recent minute minutes, the financials of the HOA, etc.

There is a cost for ordering the package, it's usually around $200 (which the seller pays or at least they are supposed to, and I believe they have to order it).

That is the key to having a long DD period, don't ask for the resale package. If they are on the ball, they will order it right away and have to you within a few days. Reality I've found that most sellers wait until after your DD period is over to even order the package, reason being that the package costs money and it expires after 90 days, so if you don't close, they'd have purchase a new resale package potentially for a new buyer, so they tend to wait until you're more committed to buy.

I've never been given my resale package until at least 15 days in. Obviously if you are concerned about something, maybe you want it sooner. You can read the CC&R's down at the recorders office since they are public record. The financials and minutes are a separate issue though, you need the package for that.

Obviously this only applies if you're in an area with a HOA.

Originally Posted by okaythen01

Exactly what are in the "resale package"?

So I can get the HOA documents from either the seller or my agent I guess? When do they usually provide that? after an offer is accepted? So if I want to make the DD as long as possible I can just request the HOA doc at the last day of DD(if they never provide the HOA docs)

[okaythen01]

so don't ask for the resale package to get longer DD.

so if they wait until after the DD is expired and get the package for me, I still have 5 days from the day I receive the resale package to back out?

thanks

[lvoc]

Originally Posted by WestieJeff

Pretty sure that would fail completely as NRS 116.1104 describes that "Provisions of chapter may not be varied by agreement, waived or evaded".

Trickier than that. Note for instance that the conveyance of the property cannot be undone by failure to provide the documents. I believe the 15 days comes from the 10 days the Association has to deliver plus the five days the buyer has to decide.

In my experience the majority of the document sets provided do not actually meet the requirements of the law. We simply act like they do and no one argues.

The providing of the documents does vary. The seller's agent may in fact duck until an appraisal and repair requirements have been successfully completed. But on clean deals we will almost always supply the documents in the first two or three days. In fact in some cases you get the documents the day escrow opens. I will generally advise a seller against anything longer than 10 days and I will push it to 5 or 7 with a quick close. If there are problems identified you then advise the seller to extend due diligence to allow resolution.

[lvoc]

Originally Posted by okaythen01

so don't ask for the resale package to get longer DD.

so if they wait until after the DD is expired and get the package for me, I still have 5 days from the day I receive the resale package to back out?

thanks

As I said above document packages can and do appear quickly. So plan on meeting the DD you specify. And do not count on pulling a late cancel based on the documents. The clause I showed above is in your Purchase Agreement. And even if Westie is correct you will spend well over a year and lots of money trying to get your EMD back.

[okaythen01]

great thanks a lot!

Ivoc and westieJeff you guys are both real estate agents?

[007 license to sell]

Originally Posted by NYtoVT

Since the wife and I are getting closer to the sale of our Utah residence, we need to know what the buyer's share of Nevada closing costs are for a cash deal. We will be taking a title policy to cover ourselves and it will be from a national underwriter so factor that into the equation. Prorations I can figure but the other costs are sketchy. Figure 80k contract price.

TIA

Closing costs are figured around 1 t 1.5% if it's a cash deal. If you are financing then it can run from 3 to 3.5% of the purchase price of the property.