Nevada Revised Statutes 117.090 – Common personalty
Unless otherwise provided by a declaration of restrictions under NRS 117.060, the management body, if any, provided for therein, may acquire and hold, for the benefit of the condominium owners, tangible and intangible personal property and may dispose of the same by sale or otherwise; and the beneficial interest in such personal property shall be owned by the condominium owners in the same proportion as their respective interests in the common areas, and shall not be transferable except with a transfer of a condominium. A transfer of a condominium shall transfer to the transferee ownership of the transferor’s beneficial interest in such personal property.
Terms Used In Nevada Revised Statutes 117.090
- Common areas: means the entire project excepting all units therein granted or reserved. See Nevada Revised Statutes 117.010
- Condominium: means an estate in real property consisting of an undivided interest in common in portions of a parcel of real property together with:
(a) A separate interest in space in a residential, industrial or commercial building or industrial and commercial building on such real property, such as, but not restricted to, an apartment, office or store; or
(b) A separate interest in air space only, without any building or structure, to be used for a mobile home. See Nevada Revised Statutes 117.010
- Personal property: All property that is not real property.