Nevada Revised Statutes 334.050 – Statutory authorization required for lease, purchase or acquisition of real property
Unless otherwise provided by law, no state department, division, bureau, commission, board, authority or agency, and no state officer, commissioner, representative of the State, or other state employee acting by, for, or on account of any office, department, board, commission, bureau, agency or institution operating by authority of law, and supported in whole or in part by any public funds, whether the funds are funds received from the Federal Government or any branch or agency thereof, or from private or any other sources, and whether or not its funds are deposited in the State Treasury, may lease, purchase or enter into any contract for the purchase of, or receive or acquire by gift, grant, devise or in any other manner, any real property.
Terms Used In Nevada Revised Statutes 334.050
- Contract: A legal written agreement that becomes binding when signed.
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.