The seller must complete the “Seller’s Real Property Disclosure” form, detailing the condition of the property, known defects, and any other aspects of the property which may affect its use or value. A real estate licensee, unless he is the seller of the property, may not complete this form.
The form must be fully and properly completed. If the seller has no knowledge, “no” is an appropriate answer to the “Are you aware …” questions. Each question must be answered with a mark in the corresponding “yes”, “no” or in some cases “n/a” box. Explanations of any “yes” answers, and a properly executed signature by the seller, are also required. The buyer may only sign the form after full and proper completion by the seller.
A Buyer may rescind the contract without penalty if he does not receive a fully and properly completed Seller’s Real Property Disclosure form. If a Buyer closes a transaction without a completed form or if a known defect is not disclosed to a Buyer, the Buyer may be entitled to treble damages, unless the Buyer waives his rights under NRS 113.150(6).