Tenant/Landlord law is governed by NRS 118a. However, Realtor licensee’s education requirements do not include classes on 118a; only permitted property managers are required to understand 118a. This is why we continue to see unlawful terms entered into lease agreements.
Essential provisions are (and not limited to):
- Specific leasing fees are unlawful.
- Deposits amounts are capped.
- Late fees are now limited to a certain percentage.
- The current 5-day notice to pay or quit timeline has extended.
- There are new requirements/steps regarding the eviction process.
- An owner has only 48 hours to remedy a failing A/C system.
- Owners who are self-managing their property must live within a sixty-mile radius of the residence or have a local point person who can accept notices and be on call for emergencies. (We believe these services require a property management permit per NRS 645.6055.)
- Pre-move out inspection can be requested where an owner or representative must attend.
- There is a reduction in the time allowed for any landlord or representative to return security deposits.
It’s important to note that all lease agreements include the following language:
ATTORNEY’S FEES: In the event of any court action, the prevailing party shall be entitled to be awarded against the losing party all costs and expenses incurred thereby, including, but not limited to, reasonable attorney’s fees and expenses.
A real-world example: A tenant of a two-bedroom luxury condo has to move into a hotel because their A/C has been inoperable for seven days and its 110 degrees, in mid-August. The tenant rents a two-bedroom residence (comparable to their rental) at a luxury hotel for $500/night and decides to bill you for any nights beyond the 48-hour requirement. If you fail to reimburse the tenant for the hotel expenditure and they retain a lawyer, now you are liable for hotel reimbursement, the tenant’s legal fees, and your legal fees if you hire legal representation.
As you can see, there are pitfalls everywhere, so we encourage you to get your own legal opinion and review provisions in NRS 645 and NRS 118a. This information deemed reliable but not guaranteed.
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