2015 Nevada Revised Statutes
Chapter 116B - Condominium Hotel Act
NRS 116B.735 - Public offering statement: General provisions.
1. Except as otherwise provided in this chapter, a public offering statement must set forth or fully and accurately disclose each of the following:
(a) The name and principal address of the declarant, the hotel unit owner and of the condominium hotel.
(b) A general description of the condominium hotel, including to the extent possible, the types, number and declarant’s schedule of commencement and completion of construction of buildings, and amenities that the declarant anticipates including in the condominium hotel, including the shared components.
(c) The estimated number of units in the condominium hotel.
(d) Copies of this chapter, the declaration, bylaws, and any rules or regulations of the association or hotel unit owner, but a plat is not required.
(e) A current year-to-date financial statement, including the most recent audited or reviewed financial statement, and the projected budget for the association, either within or as an exhibit to the public offering statement, for 1 year after the date of the first conveyance to a purchaser, and thereafter the current budget of the association. The budget must include, without limitation:
(1) A statement of the amount included in the budget as reserves for repairs, replacement and restoration pursuant to this chapter; and
(2) The projected monthly assessment for common expenses for each type of unit, including the amount established as reserves pursuant to this chapter.
(f) The projected budget for the shared expenses, either within or as an exhibit to the public offering statement. The budget must include, without limitation:
(1) A statement of the amount included in the budget as reserves for repairs, replacement and restoration pursuant to this chapter;
(2) The projected monthly shared expenses for each type of unit, including the amount established as reserves pursuant to this chapter; and
(3) A description of any other payments, fees and charges that may be charged by the hotel unit owner in order to offset the increased burden placed on the shared components due to use of residential units as transient rentals.
(g) After the date of the first conveyance of a residential unit to a purchaser, a current year-to-date statement of the shared expenses charged to the units.
(h) A description of any services or subsidies being provided by the declarant or an affiliate of the declarant or the hotel unit owner not reflected in the budget.
(i) Any initial or special fee due from the purchaser at closing, together with a description of the purpose and method of calculating the fee.
(j) The terms and significant limitations of any warranties provided by the declarant, including statutory warranties and limitations on the enforcement thereof or on damages.
(k) A statement that the purchaser may cancel, by written notice, his or her contract for purchase until midnight of the fifth calendar day following the date of execution of the contract, and the contract must contain a provision to that effect.
(l) A statement of any unsatisfied judgments or pending suits against the association or the hotel unit owner, and the status of any pending suits material to the condominium hotel of which a declarant has actual knowledge.
(m) Any current or expected fees or charges to be paid by residential unit owners for the use of the shared components, the hotel unit or the common elements and other facilities related to the condominium hotel.
(n) The information statements required by this chapter.
2. A declarant is not required to revise a public offering statement more than once each calendar quarter, if the following warning is given prominence in the statement: “THIS PUBLIC OFFERING STATEMENT IS CURRENT AS OF (insert a specified date). RECENT DEVELOPMENTS REGARDING (here refer to particular provisions of NRS 116B.735 and 116B.740) MAY NOT BE REFLECTED IN THIS STATEMENT.”
(Added to NRS by 2007, 2249)
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