A real estate non-disclosure agreement is a legal tool that’s commonly used in real estate...
You recently bought a property in Nevada and later discovered that the realtor misrepresented specific facts regarding the premises. If you have suffered damages due to that misrepresentation, experienced Nevada real estate lawyers can guide you as to whether you have a basis to file a lawsuit to recover your damages.
What Are The Duties Owed By a Nevada Real Estate Licensee?
Licensee’s Duties Owed to All Parties:
A Nevada real estate licensee shall: (1) Not deal with any party to a real estate transaction in a manner that is deceitful, fraudulent, or dishonest; (2) exercise reasonable skill and care with respect to all parties to the real estate transaction; (3) Disclose to each party to the real estate transaction as soon as practicable: a. Any material and relevant facts, data, or information which the licensee knows, or with reasonable care and diligence the licensee should know, about the property, and b. Each source from which the licensee will receive compensation; and (4) Abide by all other duties, responsibilities, and obligations required of the licensee in law or regulations.
Licensee’s Duties Owed to the Client:
A Nevada real estate licensee shall: (1)Exercise reasonable skill and care to carry out the terms of the brokerage agreement and the licensee’s duties in the brokerage agreement; (2) Not disclose, except to the licensee’s broker, confidential information relating to a client for 1 year after the revocation or termination of the brokerage agreement, unless licensee is required to do so by court order or the client gives written permission; (3) Seek a sale, purchase, option, rental or lease of real property at the price and terms stated in the brokerage agreement or at a price acceptable to the client; (4) Present all offers made to, or by the client as soon as practicable, unless the client chooses to waive the duty of the licensee to present all offers and signs a waiver of the duty on a form prescribed by the Division; (5) Disclose to the client material facts of which the licensee has knowledge concerning the real estate transaction; (6) Advise the client to obtain advice from an expert relating to matters which are beyond the expertise of the licensee; and (7) Account to the client for all money and property the licensee receives in which the client may have an interest.
Duties Owed By a broker who assigns different licensees affiliated with the brokerage to separate parties. Each licensee shall not disclose, except to the real estate broker, confidential information relating to the client.
As stated above, Nevada Realtors have a duty to disclose all known (or reasonably should be known) material facts about a property. If you later find out and have evidence, that a real estate agent in the transaction had knowledge about material fact and failed to disclose the same, that realtor could be held liable for breaching his or her duties under Nevada law.
The National Association of REALTORS® defines a stigmatized property as: “a property that has been psychologically impacted by an event which occurred, or was suspected of having occurred, on the property, a such event being one that has no physical impact of any kind.”
For example, this could refer to prior criminal activity, murder, or suicide occurring in the house, as well as alleged haunting or an infamous previous owner. Stigmatized properties in Nevada can be difficult for buyers to sell; they can strongly negatively impact property values for both the home itself and even neighboring homes. In Nevada, sellers typically have no requirement to reveal murders, suicides or deaths, paranormal activity, or criminal activity that occurred on the property – unless the property was the cause of someone’s death. However, the agent should be truthful if asked directly about any of these issues.
Can A Real Estate Agent Be Held Liable for Nondisclosure of Defects Under NRS 113.150?
Recent changes in Nevada law make it difficult to pursue a claim against a real estate agent for nondisclosure of defects under NRS 113.150. Under NRS 113, a Seller’s Real Property Disclosure Form is required to be filled out and provided by the seller of the property. The nondisclosure claims and allowed trebled damages pursuant to NRS 113.150 can only be pursued against the seller, not a realtor, unless there is evidence that the real estate agent was involved in completing the Seller’s Real Property Disclosure Form. Proof of actual knowledge and involvement is necessary for a claim.