Nevada Revised Statutes 159A.142 – Sale of interest of protected minor in real property owned jointly with one or more persons
1. If a protected minor 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 minor may be sold to one or more joint owners of the property only if:
Terms Used In Nevada Revised Statutes 159A.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.
- 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 159A.134; and
(c) The court confirms the sale.
2. Except as otherwise provided in subsection 3, the court shall confirm the sale only if:
(a) The net amount of the proceeds from the sale to the estate of the protected minor 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 minor will be released from all liability for any mortgage or lien on the property.
3. Upon good cause shown, the court may waive the requirement set forth in paragraph (a) of subsection 2.