Nevada § 116B.470 Delivery to association of converted common element reserve deficit

Nevada Statutes

§ 116B.470 — Delivery to association of converted common element reserve deficit

Nevada § 116B.470

Title 10PROPERTY RIGHTS AND TRANSACTIONS

Ch. 116BCondominium

General Provisions

This text of Nevada § 116B.470 (Delivery to association of converted common element reserve deficit) is published on Counsel Stack Legal Research, covering Nevada primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Nev. Rev. Stat. § 116B.470 (2026).

Text

1.At the time of each close of escrow of a unit in a converted building, the declarant shall deliver to the association the amount of the converted common element reserve deficit allocated to that unit.

2.The allocation to a unit of the amount of any converted common element reserve deficit must be made in the same manner as assessments are allocated to that unit.

3.As used in this section, “converted common element reserve deficit” means the amount necessary to replace the major components of the common elements needing replacement within 10 years after the date of the first sale of a unit.

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1. At the time of each close of escrow of a unit in a converted building, the declarant shall deliver to the association the amount of the converted common element reserve deficit allocated to that unit.
2. The allocation to a unit of the amount of any converted common element reserve deficit must be made in the same manner as assessments are allocated to that unit.
3. As used in this section, “converted common element reserve deficit” means the amount necessary to replace the major components of the common elements needing replacement within 10 years after the date of the first sale of a unit.