Nevada Prior instruments and Obligations

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Multi-State
Control #:
US-OG-506
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Word; 
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Description

This is a Prior instruments and Obligations form, in addition to being made subject to all conveyances, reservations, and exceptions or other instruments of record, this assignment is made and assignee accepts this assignment subject to all terms, provisions, covenants, conditions, obligations, and agreements, including but not limited to the plugging responsibility for any well, surface restoration, or preferential purchase rights, contained in any contracts existing as of the effective date of this assignment and affecting the assigned property, whether or not recorded.

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FAQ

Nevada Revised Statutes (NRS) are laws that are enacted by the legislature. The primary laws that govern real estate are listed below. Changes to these laws may only be made through legislative action. You can follow changes to these laws by visiting the Nevada Legislature website.

NRS 645.0045 "Agency" defined. 1. "Agency" means a relationship between a principal and an agent arising out of a brokerage agreement whereby the agent is engaged to do certain acts on behalf of the principal in dealings with a third party.

Nevada is one of the many states that have codified the Uniform Commercial Code into its statutes. As explained by the United States Small Business Administration, the UCC is a group of laws created by the American Law Institute and the National Conference of Commissioners on Uniform State Laws.

Nevada Revised Statute § 205.060 defines the crime of burglary as entering a building or vehicle with the intent to commit larceny, assault, battery or any felony once inside. Residential burglary is a Category B felony punishable by 1 to 10 years in state prison.

GENERAL CAP Note (2): The Residential Tax Cap is 3% unless the General Tax Cap is less than 3%. If the General Tax Cap is less than 3%, then the Residential Tax Cap must equal the General Tax Cap. See NRS 361.4723(2)(b).

The Nevada Revised Statutes (NRS) are all the current codified laws of the State of Nevada. Nevada law consists of the Constitution of Nevada (the state constitution) and Nevada Revised Statutes.

A person who willfully issues any check or draft for the payment of wages in excess of $1,200, when the person knows he or she has insufficient money or credit with the drawee of the instrument to pay the instrument in full upon presentation is guilty of a gross misdemeanor.

The purpose of the disclosure is to make the buyer aware that the property is subject to a Private Transfer Fee Obligation (PTFO) which will require the buyer, upon conveyance of the property by the seller, to pay either a one-time fixed amount or a one-time percentage of the purchase price to a third party payee.

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Nevada Prior instruments and Obligations