Nevada Revised Statutes 645.8741 – ‘Owner’s net proceeds’ defined
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‘Owner’s net proceeds’ means the gross receipts to which an owner is entitled upon the disposition of any commercial real estate specified in a brokerage agreement. The term does not include:
Terms Used In Nevada Revised Statutes 645.8741
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Lien: A claim against real or personal property in satisfaction of a debt.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- real estate: means every interest or estate in real property including but not limited to freeholds, leaseholds and interests in condominiums, town houses or planned unit developments, whether corporeal or incorporeal, and whether the real property is situated in this State or elsewhere. See Nevada Revised Statutes 645.020
1. Any money that is required to pay an encumbrance, claim or lien that has priority over a claim recorded pursuant to the provisions of NRS 645.8775 other than an encumbrance, claim or lien that the person to whom the commercial real estate is conveyed or otherwise transferred authorizes to remain after the disposition of the real estate; or
2. Any costs incurred by the owner to close escrow for that commercial real estate.