Nevada Revised Statutes 159.1385 – Contract for sale of real property of protected person authorized; limitation on commission; liability of guardian and estate
1. After the court has granted authority to sell real property of a protected person, a guardian may enter into a written contract with any bona fide agent, broker or multiple agents or brokers to secure a purchaser for such property. Such a contract may grant an exclusive right to sell the property to the agent, broker or multiple agents or brokers.
Terms Used In Nevada Revised Statutes 159.1385
- Contract: A legal written agreement that becomes binding when signed.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- 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 property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
2. The guardian shall provide for the payment of a commission upon the sale of the real property which:
(a) Must be paid from the proceeds of the sale;
(b) Must be fixed in an amount not to exceed:
(1) Ten percent for unimproved real property; or
(2) Seven percent for real property with any type of improvement; and
(c) Must be authorized by the court by confirmation of the sale.
3. Upon confirmation of the sale by the court, the contract for the sale becomes binding and enforceable against the estate.
4. A guardian may not be held personally liable and the estate is not liable for the payment of any commission set forth in a contract entered into with an agent or broker pursuant to this section until the sale is confirmed by the court, and then is liable only for the amount set forth in the contract.