Nevada Revised Statutes 116.021 – ‘Common-interest community’ defined
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1. ’Common-interest community’ means real estate described in a declaration with respect to which a person, by virtue of the person’s ownership of a unit, is obligated to pay for a share of real estate taxes, insurance premiums, maintenance or improvement of, or services or other expenses related to, common elements, other units or other real estate described in that declaration.
Terms Used In Nevada Revised Statutes 116.021
- 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
2. The term does not include an agreement described in NRS 116.1209.
3. For purposes of this section, ‘ownership of a unit’ does not include holding a leasehold interest of less than 20 years in a unit, including options to renew.