NRS116.4101. Applicability; exceptions.

      1.  NRS 116.4101 to 116.412, inclusive, apply to all units subject to this chapter, except as otherwise provided in subsection 2 or as modified or waived by agreement of purchasers of units in a common-interest community in which all units are restricted to nonresidential use.

      2.  Neither a public offering statement nor a certificate of resale need be prepared or delivered in the case of a:

      (a) Gratuitous disposition of a unit;

      (b) Disposition pursuant to court order;

      (c) Disposition by a government or governmental agency;

      (d) Disposition by foreclosure or deed in lieu of foreclosure;

      (e) Disposition to a dealer;

      (f) Disposition that may be cancelled at any time and for any reason by the purchaser without penalty;

      (g) Disposition of a unit in a planned community which contains no more than 12 units if:

             (1) The declarant reasonably believes in good faith that the maximum assessment stated in the declaration will be sufficient to pay the expenses of the planned community; and

             (2) The declaration cannot be amended to increase the assessment during the period of the declarant’s control without the consent of all units’ owners; or

      (h) Disposition of a unit restricted to nonresidential purposes.

      (Added to NRS by 1991, 571; A 1993, 2373; 1997, 3122; 1999, 3012; 2011, 2453)