Nevada Revised Statutes 159.142 – Sale of interest of protected person in real property owned jointly with one or more persons
1. If a protected person owns real property jointly with one or more other persons, after the court grants authority to sell the property, the interest owned by the protected person may be sold to one or more joint owners of the property only if:
Terms Used In Nevada Revised Statutes 159.142
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- 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.
- 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 property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(a) All joint owners of the property have been given notice that the court has granted the authority to sell the property;
(b) The guardian files a petition with the court to confirm the sale pursuant to NRS 159.134; and
(c) The court confirms the sale.
2. The court shall confirm the sale only if:
(a) The net amount of the proceeds from the sale to the estate of the protected person is not less than 90 percent of the fair market value of the portion of the property to be sold; and
(b) Upon confirmation, the estate of the protected person will be released from all liability for any mortgage or lien on the property.