Nevada Real Estate Contract: Different Types and Key Terms to Include

What is a Nevada Real Estate Contract?

A Nevada real estate contract, also known as a residential real estate purchase and sale agreement, is a legally binding contract that is drafted when a buyer makes an offer on real estate that is for sale.

The purpose of a real estate contract is to lay out the terms and conditions surrounding the transaction and to ensure that the interests of both parties are protected. For this reason, real estate contracts must include specific information about the property and payment terms.

It is common to find the following issues negotiated in a real estate contract:

• Purchase price. The agreed upon sale price that the buyer will pay the seller for the property.
• Property description. The address of the property along with a legal description.
• Contingencies. Conditions that must be met before the sale is finalized. For example, the buyer securing financing or the house passing inspection.
• Disclosures. Seller’s are required to submit a Seller’s Real Property Disclosure Form to potential buyers. The disclosure form must note any issues or conditions of the property that may affect its value.
• Deadlines and closing date. The contract should lay out the deadlines for important events like inspections and have a set closing date on which the sale will be finalized.

Common Nevada Real Estate Contracts

There are two Nevada real estate contract templates that are commonly used by realtors:

• Greater Las Vegas Association of Realtors contract . Used by real estate agents who are members of the Las Vegas Association of Realtors.
• Nevada Association of Realtors contract. Used by real estate agents who are members of the Nevada Association of Realtors and includes and earnest money receipt.

It is important to note that realtors are not licensed attorneys so they are not authorized to draft new real estate contracts. Real estate agents must use the contract template that is approved by the state bar and the real estate association.

4 Essential Elements of a Nevada Real Estate Contract

Nevada real estate contracts are governed by the Statute of Frauds. According to these laws, all real estate contracts in Nevada must contain the following four essential elements:

1. Legally competent parties who are above the age of majority and of sound mind.
2. Adequate consideration given by the parties (exchange of items of value).
3. The contract must be in writing.
4. The contract must be signed by all parties involved.

If a real estate contract is missing any of these elements, a court could rule that the contract is void and therefore unenforceable.

What is a Land Contract in Nevada?

A land contract is a type of agreement in which the buyer makes payments directly to the seller, rather than obtaining a mortgage from a bank or other lender. Land contracts can be a useful option for buyers who may not qualify for a traditional mortgage, or for sellers who want to avoid the costs and delays of a traditional real estate transaction.

Can You Cancel a Real Estate Contract in Nevada?

In Nevada, a real estate contract can be cancelled under certain conditions. The specific terms and conditions for cancellation will depend on the language of the contract, as well as any relevant state or local laws.

Generally, a real estate contract can be cancelled if both parties agree to it, if there is a provision in the contract allowing for cancellation, or if one party breaches the contract. Additionally, a contract can be cancelled if the property does not pass a home inspection or if the buyer is unable to secure financing.