NRS 116.31038
Delivery to association of property held or controlled by declarant.
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Statutory text
In addition to any
applicable requirement set forth in NRS
116.310395 , within 30 days after units� owners other than the declarant may
elect a majority of the members of the executive board, the declarant shall
deliver to the association all property of the units� owners and of the
association held by or controlled by the declarant, including:
����� 1. The original or a certified copy of the
recorded declaration as amended, the articles of incorporation, articles of
association, articles of organization, certificate of registration, certificate
of limited partnership, certificate of trust or other documents of organization
for the association, the bylaws, minute books and other books and records of
the association and any rules or regulations which may have been adopted.
����� 2. An accounting for money of the
association and audited financial statements for each fiscal year and any
ancillary period from the date of the last audit of the association to the date
the period of the declarant�s control ends. The financial statements must
fairly and accurately report the association�s financial position. The declarant
shall pay the costs of the ancillary audit. The ancillary audit must be
delivered within 210 days after the date the period of the declarant�s control
ends.
����� 3. A complete study of the reserves of the
association, conducted by a person who is registered as a reserve study
specialist pursuant to chapter 116A of NRS.
At the time the control of the declarant ends, the declarant shall:
����� (a) Except as otherwise provided in this
paragraph, deliver to the association a reserve account that contains the
declarant�s share of the amounts then due, and control of the account. If the
declaration was recorded before October 1, 1999, and, at the time the control
of the declarant ends, the declarant has failed to pay his or her share of the
amounts due, the executive board shall authorize the declarant to pay the
deficiency in installments for a period of 3 years, unless the declarant and
the executive board agree to a shorter period.
����� (b) Disclose, in writing, the amount by which the
declarant has subsidized the association�s dues on a per unit or per lot basis.
����� 4. The association�s money or control
thereof.
����� 5. All of the declarant�s tangible
personal property that has been represented by the declarant as property of the
association or, unless the declarant has disclosed in the public offering
statement that all such personal property used in the common-interest community
will remain the declarant�s property, all of the declarant�s tangible personal
property that is necessary for, and has been used exclusively in, the operation
and enjoyment of the common elements, and inventories of these properties.
����� 6. A copy of any plans and specifications
used in the construction of the improvements in the common-interest community
which were completed within 2 years before the declaration was recorded.
����� 7. All insurance policies then in force,
in which the units� owners, the association, or its directors and officers are
named as insured persons.
����� 8. Copies of any certificates of occupancy
that may have been issued with respect to any improvements comprising the
common-interest community other than units in a planned community.
����� 9. Any renewable permits and approvals
issued by governmental bodies applicable to the common-interest community which
are in force and any other permits and approvals so issued and applicable which
are required by law to be kept on the premises of the community.
����� 10. Written warranties of the contractor,
subcontractors, suppliers and manufacturers that are still effective.
����� 11. A roster of owners and mortgagees of
units and their addresses and telephone numbers, if known, as shown on the declarant�s
records.
����� 12. Contracts of employment in which the
association is a contracting party.
����� 13. Any contract for service in which the
association is a contracting party or in which the association or the units�
owners have any obligation to pay a fee to the persons performing the services.
Synced from the Florida Legislature’s official site. Verify the current version before citing.
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Reference only. Not legal advice. Verify current text at the official state legislature website before citing. Printed from Common Elements (August 21, 2026).