Las Vegas Real Estate Market Updates and Community News

Nov. 22, 2022

What is a Sellers Property Disclosure Form?

As a Nevada citizen, you may be all too aware of gambling, games, winning, and losing. Do you bet it all on black or red?

Although, as a home seller,  you want don't want any risk, liability, or losses when selling your home. Buyers also feel the same exact way as you. One way to minimize any risks or surprises during the home sale or purchase is a Nevada Law that requires you first give a buyer a full and honest disclosure about the home, within 5 days of going under contract. 

This disclosure is intended to make the buyer aware of any and all defects or issues with the home, that materially affect the value or use of the home in an adverse manner (NRS 113.100).  Defects might include something as small as a broken sliding glass door roller, or as big as mold, air conditioning issues, or roof leaks. 

Disclosure Laws in Nevada for Home Sales

N.R.S. 113.130 broadly covers disclosure requirements for home sellers in Nevada. The statute NRS 113.130 requires that at least ten days before the residential property is conveyed to the buyer, the seller must complete a disclosure form covering all known defects materially affecting the value or use of the property in an adverse manner.

After the buyer gets the disclosure statement, the buyer can rescind /cancel the purchase. Imagine, for example,  you give the buyer a disclosure statement stating the heating system doesn't work. The buyer can back out of the transaction, or alternatively negotiate for a change in terms; perhaps a lowering of your purchase price in order to recover the cost of the broken heating system. Alternatively, the buyer can ask for an agreement from you, saying you will make repairs before the closing. Or, the buyer can simply stick your disclosure statement in a drawer and move ahead with the sale, as some have been known to do.

Finally, if you the Seller discover any new defects after giving the disclosure form to the buyer but before the actual closing, you must tell the purchaser or his or her real estate agent about it, in writing, as soon as practicable (and before closing the sale). This means that if you the Buyer have an inspection done, and an adverse issue is found on the inspection report which was not disclosed because it was unknown previously, and you the buyer decide to back out of the transaction because it is too concerning for you to take on, the Seller must revise the Disclosure (SRPD) and add any and all defects that materially affect the home in an adverse manner from the inspection report for any new buyers after you. 

Important to note though, Nevada law specifically "does not require a seller to disclose a defect in residential property of which the seller is not aware." In other words, you the seller have no obligation to hire an inspector to tell you whether your plumbing works or not. If you do not know about a particular problem, you have nothing that needs to be disclosed. 

What Is Covered By Nevada's Disclosure Statement?

 The Nevada Real Estate Division (a state agency that monitors the real estate industry) offers a widely used multi-page disclosure form containing all of the necessary information that you should disclose to a potential buyer.

The form asks you to answer a series of questions about various elements of your home by checking a box for "Yes," "No," or in some cases, "N/A" (not applicable). The disclosure asks about the condition of various categories of aspects of your property, including systems and appliances (such as plumbing, and garbage disposal), property conditions (roof, renovations, flooding, and so on), and environmental hazards and conditions (such as radon, asbestos, lead, meth production, and fungi), and more.

Remember, the form is asking you whether you are "aware" of any conditions affecting the specified area. If you are not aware, simply check "No." If you are aware, you can check "Yes" and offer an explanation on the final page (or attach additional pages of explanation).

You'll notice that the form asks various miscellaneous questions, particularly about the legal aspects of the home. Is the property the subject of any lawsuits? Are there any unpaid contractors who have done work on the property? Are there any homeowners' associations or Nevada common interest communities with governing authority over the area? These are questions that a buyer would like to have answers to and legally if these issues exist they need to be addressed through closing. 

There are no questions that allow you to remain silent about a defect, there's a catchall question regarding "Any other conditions or aspects of the property which materially affect its value or use in an adverse manner." You should want to answer this entire form honestly and with as much transparency as possible.

Why Should You Be Honest and Open in Making Disclosures?

 

You may be wondering, why I should disclose this? And why would I say something that will lower my return possibly? There are several important reasons for openness and honesty. First, Nevada law requires you to do so. Second, it gives the buyer the ability to see the home for its real condition and make a fair decision to purchase or not. 

Third, when a buyer feels you aren't hiding problems, they are more likely to be cooperative in negotiations leading up to the closing. Also, a buyer who learns of problems with the house upfront, might not negotiate as hard for price reductions or repairs if he or she realizes that your price already took the problems into account and you adequately disclosed such. 

Finally, disclosing a defect in your home will help defend you from legal liability down the line. Imagine that you sell your condo to a buyer knowing the interior bathroom walls contain an outbreak of mold, but you decide not to disclose it and hide it. If the buyer closes on your property without having discovered the mold, moves in, and then (inevitably) finds it, he or she might decide to sue you for breach of contract or fraud in order to cover the costs of remediation. 

However, if you had disclosed the mold, the statute would prevent the buyer from recovering; the buyer would have accepted the property with the defect as revealed by the seller "without further recourse."

Simply put, honesty is the best policy for negotiating a fair deal that won't result in lawsuits or frustration down the line.

Nov. 8, 2022

Make a Room with a Low Ceiling Seem More Spacious

How to Make a Room with a Low Ceiling Seem More Spacious

Older homes often have low ceilings. While you might enjoy the character and charm of a historic house, low ceilings can make it feel small and cramped. Fortunately, there are a few simple ways to trick the eye and make a room with a low ceiling seem larger than it really is.

Select Furniture That Will Make the Ceiling Less Noticeable

Tall furniture can make a room with a low ceiling feel even smaller. Choose horizontal pieces that sit near the ground, such as couches and long tables. That will maximize the amount of visible wall space between the furniture and the ceiling and make people focus less on the room’s vertical proportions. Select pieces with simple designs that won’t be distracting. 

Draw the Eye Upward

Decorating the room in a way that makes people naturally look toward the ceiling can create the illusion that the room is taller than it really is. Floor-to-ceiling drapes will draw the eye upward and make the windows seem taller. Use simple window coverings so people will focus on the way they fill the vertical space and won’t be distracted by a pattern. 

A tall bookcase can draw people’s gaze upward so they don’t focus on the low ceiling. Vertical artwork can have the same effect.

You can also use plants to your advantage. A tall potted plant or flowers that grow upward will draw people’s attention toward the ceiling and create the impression that it’s higher than it really is.

A tall mirror can make a room with a low ceiling feel more spacious. A mirror will also reflect light and may cause people to catch a glimpse of the ceiling. That can make the room seem larger. 

Choose the Right Paint or Wallpaper

Painting the walls and ceiling the same color will create a seamless effect and make the ceiling seem higher than it is. That’s because there won’t be a clearly defined visual barrier separating the walls and the ceiling. If the room has a dado rail that separates the walls into two sections, paint the bottom part in a darker color than the top. 

If you would prefer to decorate the room with wallpaper, choose a style with a vertical pattern. That will naturally cause people’s eyes to move upward. 

Use Light Fixtures That Will Make the Room Feel More Spacious

A light that hangs from the ceiling can make a room with a low ceiling feel even smaller. You should avoid using ceiling fans for the same reason. Instead, use a series of lamps that sit on the floor or on tables or mount fixtures on the walls so they can cast light in several directions.  

 

Nov. 7, 2022

Pros and Cons of Buying a Historic Home

 

If you’re looking for a unique home, you may be considering buying a historic house.

Here are the pros and cons of purchasing a historic home.

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Nov. 7, 2022

The Essentials to Outdoor Lighting

 

Nov. 7, 2022

Quick Fixes To Common Household Problems

Quick Fixes for Your Common Household Problems

It may seem like there’s always something going on as a homeowner, from silencing a squeaky hinge to unclogging a temperamental toilet. But many household problems can be easily fixed without calling a repair service.

A can of WD-40, a toilet plunger and a bottle of vinegar are great basics to keep on hand for easing sticky fittings, clearing the toilet and making short work of common stains. Here are some simple fixes for common home problems that even the non-handy can handle:

Squeaky Floorboard
Banish that annoying squeak by sprinkling a little talcum powder over the noisy area and brushing it into the cracks.

Stained Tub
Removed stubborn stains by combining equal amounts of cream of tartar and baking soda with enough lemon juice to make a paste. Rub the mixture into the stain with your fingers or a soft cloth. Let sit for a half hour, then rinse well with water.

Stuck Sliding Windows
Loosen stuck windows by spraying a little silicon spray lubricant (found at hardware stores) onto a rag, then wiping along the tracks, whether metal, wood or plastic.

Dry and Worn Cutting Board
Revive a worn board by warming a bottle of mineral oil (available at drugstores) in a bowl of hot water, then wiping the oil onto the surface with a soft cloth. Wipe off the excess four to six hours later.

Scuffed Linoleum
Take care of scuff marks by rubbing the spot with white toothpaste and a dry cloth, or spraying WD-40 on a towel and rubbing lightly. Later, degrease the area with liquid dishwashing soap and water.

Poor Toilet Flush
Before you call a plumber, look for the water valve behind the toilet, on the wall or the floor. Turn it counter-clockwise as far as you can. Once it’s fully open, the tank will get its optimal water fill and power up your flush.

Torn Window Screen
If tiny tears are letting bugs in, apply clear nail polish to any tiny holes. For larger rips or tears, look for new and effective screen repair patches at the hardware store.

 

Nov. 7, 2022

Five Tips to Design a Unique Powder Room

HERE ARE FIVE TIPS TO DESIGN A UNIQUE POWDER ROOM! 

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Sept. 21, 2022

Unique Home Accents to Make Your Home More Fun

Are you looking for out-of-the-box decorating ideas for your space? Below are a handful of interesting accent ideas to up the creativity of your interior design.

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Sept. 17, 2022

Protecting Yourself from Alarm System Scammers

Alarm System Scam

If you have a sign in your front yard warning burglars that you have a home alarm system in place, you could be attracting a new breed of scammer. That’s the warning from the consumer watchdogs at Consumer Reports, who say scammers look for signs of existing installations, especially older-looking signs, then strike with one of two approaches:

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Posted in Buying a Home
Sept. 16, 2022

6 Small and Easy Steps to Improve Your Credit Score

The best way to improve your credit score is simple, but not always that easy: Reduce your debt.

Paying off your credit cards, or at least paying them down substantially, will not only increase your credit score, but having less debt will probably be more satisfying than a great credit score. And not using your credit cards anymore and paying off the balances is easier said than done.

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Posted in Credit Score
Sept. 15, 2022

Where to Check For Unclaimed Money

Where to Check for Unclaimed Money

Found money is a gift. And with the internet, it’s easier than ever to find it.

Unclaimed assets may be sitting somewhere in your name, waiting for you to find and claim them. With some simple online searches, you can look for unclaimed money in seconds and possibly find a windfall.

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Posted in Market Updates