NRS116.21185. Respective interests of units’ owners following termination.

  The respective interests of units’ owners referred to in subsections 5, 6 and 7 of NRS 116.2118 and in NRS 116.21183 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 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 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:

      (a) In a condominium, their respective interests in the common elements immediately before the termination;

      (b) In a cooperative, their respective ownerships immediately before the termination; and

      (c) In a planned community, their respective liabilities for common expenses immediately before the termination.

      (Added to NRS by 1991, 553)