Nevada § 119A.430 Requirements for closing of sale of time share

Nevada Statutes

§ 119A.430 — Requirements for closing of sale of time share

Nevada § 119A.430

Title 10PROPERTY RIGHTS AND TRANSACTIONS

Ch. 119ATime

SALE OF TIME SHARES

This text of Nevada § 119A.430 (Requirements for closing of sale of time share) 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. § 119A.430 (2026).

Text

The sale of a time share to a purchaser may not be closed unless the developer has provided satisfactory evidence to the Administrator that:

1.The project is free and clear of any blanket encumbrance;

2.Each person who holds an interest in the blanket encumbrance has executed an agreement, approved by the Administrator, to subordinate his or her rights to the rights of the purchaser;

3.Title to the project has been conveyed to a trustee;

4.All holders of a lien recorded against the project have recorded an instrument providing for the release and reconveyance of each time share from the lien upon the payment of a specified sum or the performance of a specified act;

5.The developer has obtained and recorded one or more binding nondisturbance agreements acceptable to the Administrator,

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The sale of a time share to a purchaser may not be closed unless the developer has provided satisfactory evidence to the Administrator that:
1. The project is free and clear of any blanket encumbrance;
2. Each person who holds an interest in the blanket encumbrance has executed an agreement, approved by the Administrator, to subordinate his or her rights to the rights of the purchaser;
3. Title to the project has been conveyed to a trustee;
4. All holders of a lien recorded against the project have recorded an instrument providing for the release and reconveyance of each time share from the lien upon the payment of a specified sum or the performance of a specified act;
5. The developer has obtained and recorded one or more binding nondisturbance agreements acceptable to the Administrator, that:
(a) Are executed by the developer, all holders of a lien recorded against the project and any other person whose interest in the project could defeat the rights or interests of any purchaser under the time-share instrument or contract of sale; and
(b) Provide that any person whose interest in the project could defeat the rights or interests of any purchaser under the time-share instrument or contract of sale takes title to the project subject to the rights of the purchasers; or
6. Alternative arrangements have been made which are adequate to protect the rights of the purchasers of the time shares and approved by the Administrator.