Nevada Revised Statutes 318.5125 – Second offering at auction; listing of unsold property
1. If real property that is offered for sale pursuant to NRS 318.5122 and 318.5123 is not sold at the initial offering of the contract for the sale of the real property, the board of trustees may offer the real property for sale a second time pursuant to NRS 318.5122 and 318.5123. The board of trustees must obtain a new appraisal or appraisals, as applicable, of the real property before offering the real property for sale a second time if:
Terms Used In Nevada Revised Statutes 318.5125
- Appraisal: A determination of property value.
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Trustees: means the members of a board. See Nevada Revised Statutes 318.020
(a) There is a material change relating to the title, zoning or an ordinance governing the use of the real property; or
(b) The appraisal or appraisals, as applicable, were prepared more than 6 months before the date on which the real property is offered for sale the second time.
2. If real property that is offered for sale pursuant to this section is not sold at the second offering of the contract for the sale of the real property, the board of trustees may list the real property for sale at the appraised value with a licensed real estate broker, provided that the broker or a person related to the broker within the first degree of consanguinity or affinity does not have an interest in the real property or an adjoining property. If the appraisal or appraisals, as applicable, were prepared more than 6 months before the date on which the real property is listed with a licensed real estate broker, the board must obtain one new appraisal of the real property before listing the real property for sale at the new appraised value.