2015 Nevada Revised Statutes
Chapter 116B - Condominium Hotel Act
NRS 116B.395 - Respective interests of units’ owners following termination.
The respective interests of units’ owners referred to in NRS 116B.385 and 116B.390 are as follows:
1. Except as otherwise provided in subsection 2, the respective interests of units’ owners are the fair market values of their units, allocated interests and any limited common elements immediately before the termination, as determined by one or more independent appraisers selected by the hotel unit owner and the association. The decision of the independent appraisers must be distributed to the units’ owners and becomes final unless disapproved within 30 days after distribution by units’ owners to whom 25 percent of the total number of votes in the association are allocated. The proportion of interest of any unit’s owner to that of all units’ owners is determined by dividing the fair market value of that unit and its allocated interests by the total fair market values of all the units and their allocated interests.
2. If any unit or any limited common element is destroyed to the extent that an appraisal of the fair market value thereto before destruction cannot be made, the interests of all units’ owners are their respective interests in the common elements immediately before the termination.
(Added to NRS by 2007, 2211)
Disclaimer: These codes may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.