Beginning 10/1/2011, Las Vegas NV area sellers will no longer be able to waive the SRPD (Seller’s Real Property Disclosure.) Nevada passed SB 314 and the law goes into
effect on October 1, 2011.
This will really affect many types of distressed sales (which are now between 70-75% of the Las Vegas Valley’s home resale market.) These sales consist mostly of:
- REO (bank owned)
- Trustee Sale Flips
- Short Sales (it seems about half of the seller’s waive the SRPD.)
Formerly the buyers signed something that we called the “Waiver of NRS 113 Rights”. Now the sellers will have to produce the SRPD document for buyer review.
Here is the notice that NVAR put together for sellers. Our local board is also putting a form together for buyer’s agents to notify listing agents when the sellers are out of compliance.
