40.665 - Settlement by repurchase; certain offers of settlement deemed reasonable. - Nevada Statutes

40.665  Settlement by repurchase; certain offers of settlement deemed reasonable.  In addition to any other method provided for settling a claim pursuant to NRS 40.600 to 40.695, inclusive, a contractor may, pursuant to a written agreement entered into with a claimant, settle a claim by repurchasing the claimant’s residence and the real property upon which it is located. The agreement may include provisions which reimburse the claimant for:

      1.  The market value of the residence as if no constructional defect existed, except that if a residence is less than 2 years of age and was purchased from the contractor against whom the claim is brought, the market value is the price at which the residence was sold to the claimant;

      2.  The value of any improvements made to the property by a person other than the contractor;

      3.  Reasonable attorney’s fees and fees for experts; and

      4.  Any costs, including costs and expenses for moving and costs, points and fees for loans.

Ê Any offer of settlement made that includes the items listed in this section shall be deemed reasonable for the purposes of subsection 1 of NRS 40.650.

      (Added to NRS by 1995, 2542; A 1997, 2721; 2003, 2046)