Nevada Revised Statutes 119A.470 – Conveyance of project to trustee before close of escrow for first sale
1. If title to a project is conveyed to a trustee pursuant to subsection 3 of NRS 119A.430, before escrow closes for the sale of the first time share, the developer must provide the Administrator with satisfactory evidence that:
Terms Used In Nevada Revised Statutes 119A.470
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Trustee: A person or institution holding and administering property in trust.
(a) Title to the project has been conveyed to the trustee.
(b) All proceeds received by the developer from the sales of time shares are being delivered to the trustee and deposited in a fund which has been established to provide for the payment of any taxes, costs of insurance or the discharge of any lien recorded against the project.
2. The trustee shall pay the charges against the trust in the following order:
(a) Trustee’s fees and costs.
(b) Payment of taxes.
(c) Payments due any holder of a lien recorded against the project.
(d) Any other payments authorized by the document creating the trust.
3. The Administrator may inspect the records relating to the trust at any reasonable time.