The Resale Packet (a must)

In a previous blog I talked about the resale packet that a Buyer is suppose to receive when they are purchasing in an association (Common Interest Community, CIC). The question is, who pays for it? The Buyer or Seller? According to NRS 116.4109 the Seller is mandated to provide this packet and they are to pay for it. The cost is usually around $200.00. http://www.leg.state.nv.us/NRS/NRS-116.html



I've noticed recently on some listings in the MLS (Multiple Listing Service) in the agent to agent remarks that the Seller(usually when there is a bank involved) is requiring the Buyer to pay for the Resale Packet. Is that OK?



Unless the Buyer agrees contractually to pay for it, the Seller cannot relinquish their obligation. If the Buyer refuses to pay and there is an accepted contract without this change then it is required that the Seller give the paid for Resale Packet to the Buyer.



Everyone should know their rights. Especially about such an important matter.

Some Las Vegas Trivia:

Do you know what the first Hotel on the Strip was? Most people think it was the Flamingo(Bugsy Siegel). But it was the ElRancho Vegas. It opened April 3, 1941. Rooms started at $4.00 a day. (Fabulous Las Vegas in the 50's, Fred E.Basten & Charles Phoenix). It closed after a fire June 17, 1960. Thomas Hull, the original owner wanted a hotel/motel that was more than just an old western hangout so he built a one stop place to relax right at the corner of what is now Sahara & Las Vegas Blvd.

For more information you might try this web site http://www.onlinenevada.org/el_rancho_vegas or http://gaming.unlv.edu/ElRanchoVegas/story.html