Investor · CA · Member since 2020 · 5 posts · 0 votes
I'm wondering in Nevada, if it's necessary that a seller fills out a SRPD when it's an AS-IS off-market transaction? I've been told it's only required if it's not AS-IS and it's on the market.
Per the NRS 113.130 it is required that a seller provide a buyer with a SRPD within 10 days of the sale of a residential property. There are a few exceptions, bank owned, transfer of title between spouses etc. (review the NRS for more specifics).
As for is this happening in all transactions such as off market deals, I have never received a SRPD from an off market seller nor have I requested a seller provide me with one. I do from time to time sell properties off market and I will always provide a buyer with a SRPD. I buy properties at a deep discount and feel that I assume the risk.
The SRPD is a seller disclosure that protects the seller and informs the buyer of any known defects. It limits the liability of the seller by disclosing any known issues.
@Marty True Thank you but this doesn't totally answer my question. Specifically I'm asking if it's required when you're buying the property in AS-IS condition and OFF-MARKET. I've talked to a number of people who actively buy and flip real estate and they do not use one for the reasons I mentioned.
Per the NRS 113.130 it is required that a seller provide a buyer with a SRPD within 10 days of the sale of a residential property. There are a few exceptions, bank owned, transfer of title between spouses etc. (review the NRS for more specifics).
As for is this happening in all transactions such as off market deals, I have never received a SRPD from an off market seller nor have I requested a seller provide me with one. I do from time to time sell properties off market and I will always provide a buyer with a SRPD. I buy properties at a deep discount and feel that I assume the risk.
The SRPD is a seller disclosure that protects the seller and informs the buyer of any known defects. It limits the liability of the seller by disclosing any known issues.
As a buyer I would certainly require the seller provide the SRPD. Even if the home is being sold as is. To me, the "as is" aspect of it is simply spelling out to the buyer that the seller will not be making any repairs. All the due diligence (inspections, disclosures, srpd) should still be followed. I practice this myself and recommend the same to clients.