Nevada Condo Due Diligence Checklist

Confirm you received these

Commonly provided in the resale package — verify none are missing.

• Declaration / CC&Rs — *Required by statute*. Contains use restrictions, rights, obligations.
• Bylaws — *Commonly provided*. Board composition, meeting rules.
• Rules & Regulations — *Usually provided*. HOA policies (parking, rentals, pets).
• Public Offering Statement — *If condo was sold in a development stage; otherwise N/A for resale.*.
• Resale Package — *Required by statute (NRS 116.4109)*. Includes declaration, bylaws, disclosures, transfer fee statement, buyer cancellation notice.
• Current Budget (Operating & Reserve) — *Statutorily required in resale package*. Buyer must ask if not included.
• Year-to-Date Financials — *Required in resale package*. Shows current financial status.
• Balance Sheet & Income Statement — *Often provided with financials; not automatically, but must allow owner inspection (NRS 116.3118)*.
• Reserve Study — *Required by law but not always delivered proactively*. Must request; association must show it to buyers on request.
• Reserve Account Statement — *Not statutorily required, but prudent to ask to gauge funding level*.
• Meeting Minutes (Board/Annual) — *Owners have statutory right to inspect*. Not auto-delivered in resale; buyer should request recent minutes (min 1 year).
• IRS 1098/Tax Returns of Association — *Common practice for condos (since they own buildings)* but not required; gives insight into depreciation and spending.
• Special Assessment Notices — *May not be auto-disclosed; ask for any board memos or approved special assessments not yet levied*.
• Insurance Master Policy & Dec Page — *Not statutorily required to be in resale package*. Buyers should request the master policy (coverages, deductibles) from the association. At minimum, get a summary of coverages and amounts from the seller or agent.
• Deductible Schedule — *Not mandatory but important*. Ask to see association insurance deductibles (especially for wind/quake/water).
• Claims History — *Not required; but buyer should request* (how often association claimed on insurance can indicate problems).
• Pending Litigation Summary — *Required by statute (NRS 116.4109)*. Sellers must disclose known lawsuits; verify with seller/agent and public records.
• Engineering / Inspection Reports — *Not required but valuable*. If the building or HOA commissioned structural or ADA inspections, buyers should obtain copies.
• Facade/Balcony Inspection Reports — *Not mandated, but if available (e.g. pre-Surfside checks)*, request them.
• Other Building Reports — e.g. Roof inspection, elevator safety certificates, fire system tests. Not required by NRS, but associations often keep these (buyers should ask if concerned).
• Delinquency Report — *Not required by statute*. Buyer can request (NRS 116.31175 allows owner to see records; some associations provide an arrears report on request). High HOA delinquency warns of financial stress.
• Homeowners Insurance Policies (if applicable) — *Owners typically insure inside unit & personal; not an association document, but lenders may require proof*.
• Developer Transition Documents — *If association is relatively new or developer-controlled*, obtain any documents on turnover of control (often in meeting minutes or transition plan as per NRS 116.31039).
• Community Manager Contract — *Not required, but useful to review fees; can ask*.
• Certificate of Insurance (COI) — *Not mandatory to give buyer, but if provided, shows coverages/deductibles*.
• Required by statute — Resale package, budgets/financials, liens/assignments certificate (statement of demand).
• Commonly provided — CC&Rs, bylaws, rules, budgets, financials, meeting minutes (often included in packet or on request).
• Proactive request — Reserve study, insurance policies, claim history, professional inspection reports, delinquency report.
• Important in Nevada — Reserve study (because law ties financing to it), insurance deductibles/coverages (wildfire/quake risk), and any developer disclosures (if recently turned over).