Nevada Revised Statutes 459.626 – ‘Prospective purchaser’ defined
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‘Prospective purchaser’ means a person who is not a responsible party and who has entered into a contract, or holds an option, to purchase an eligible property for its fair market value in a transaction at arm’s length.
Terms Used In Nevada Revised Statutes 459.626
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- 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