2005 Nevada Revised Statutes - Chapter 148 — Sales, Conveyances and Exchanges
CHAPTER 148 - SALES, CONVEYANCES ANDEXCHANGES
GENERAL PROVISIONS
NRS 148.050 Saleof property for certain purposes: No priority between personal and realproperty; method and order of sale.
NRS 148.060 Confirmationof sale: Report; petition; notice.
NRS 148.070 Writtenobjection: Hearing; proof of notice.
NRS 148.080 Salesunder direction of will.
NRS 148.090 Petitionfor order requiring sale.
NRS 148.100 Neglector misconduct of personal representative.
NRS 148.105 Contractsto find purchaser of personal property: Liability of personal representative;limitations on commission.
NRS 148.110 Contractsto find purchaser of real property: Liability of personal representative;limitation on commission.
NRS 148.120 Divisionof commission upon confirmation of highest bid.
NRS 148.130 Saleof property subject to mortgage or other lien.
NRS 148.140 Dispositionof proceeds of sale.
NRS 148.150 Rightof holder of lien on property to purchase it; receipt as payment pro tanto.
NRS 148.160 Saleof equity of estate in property: Procedure.
PERSONAL PROPERTY
NRS 148.170 Saleof perishable and depreciating property.
NRS 148.180 Saleof securities: Authorized by will or consent of devisees or heirs; authorizedby court.
NRS 148.190 Saleof other personal property: Publication; description of property; inspection.
NRS 148.195 Confirmationof sale: New appraisement; appraisal dispensed with under certaincircumstances.
NRS 148.200 Termsof sale.
NRS 148.210 Interestsin partnerships.
REAL PROPERTY
NRS 148.220 Noticeof sale: Publication; posting; description of property.
NRS 148.230 Publicauction; postponement of sale.
NRS 148.240 Privatesale.
NRS 148.260 Confirmationof sale: New appraisement; appraisal dispensed with under certaincircumstances.
NRS 148.270 Hearingconcerning confirmation of sale: Considerations; higher offer; continuance.
NRS 148.280 Conveyancesafter confirmation of sale.
NRS 148.290 Saleon credit.
NRS 148.300 Failureof purchaser to complete sale.
NRS 148.310 Fraudulentsale: Penalty.
NRS 148.320 Periodsof limitation.
CONTRACT TO PURCHASE REAL PROPERTY
NRS 148.330 Methodof sale.
NRS 148.340 Salesubject to claims; bond of purchaser.
NRS 148.350 Assignmentafter confirmation.
MINING PROPERTY
NRS 148.360 Petitionfor sale: Notice.
NRS 148.370 Hearing;order authorizing sale.
NRS 148.380 Additionalbond of personal representative; agreement or option to purchase.
NRS 148.390 Failureto comply with agreement or option.
NRS 148.400 Procedureafter compliance with agreement or option to purchase.
CONVEYANCES
General Provisions
NRS 148.410 Petitionfor order to convey, transfer or deliver property: Conditions; contents;hearing and notice; response; effect if order granted.
Conveyance to Complete Contract
NRS 148.420 Authorizationof conveyance.
NRS 148.430 Petitionand notice.
NRS 148.440 Hearingand order.
NRS 148.450 Effectof order; execution of order.
EXCHANGE OF PROPERTY
NRS 148.500 Authorizationto exchange: Petition; notice.
_________
GENERAL PROVISIONS
NRS
[139:107:1941; 1931 NCL 9882.139](NRS A
NRS
1. Except asotherwise provided in NRS 148.170 and
2. The clerk shall set the petition for hearing by thecourt, and the petitioner shall give notice thereof for the period and in themanner required by NRS 155.010, or forsuch a period and in such manner as may be ordered by the court.
[140:107:1941; 1931 NCL 9882.140](NRS A
NRS
[141:107:1941; 1931 NCL 9882.141](NRS A
NRS
[142:107:1941; 1931 NCL 9882.142](NRS A
NRS
[143:107:1941; 1931 NCL 9882.143](NRS A
NRS
[144:107:1941; 1931 NCL 9882.144](NRS A
NRS
1. The personal representative may enter into awritten contract with any bona fide agent, broker, or multiple group of agentsor brokers to secure a purchaser for any personal property of the estate, andby that contract, the personal representative may grant an exclusive right tosell and shall provide for the payment to the agent, broker, or multiple groupof agents or brokers, out of the proceeds of a sale to any purchaser securedpursuant to the contract, of a commission, the amount of which must be fixedand allowed by the court upon confirmation of the sale. If the sale isconfirmed to the purchaser, the contract is binding and valid as against theestate for the amount so allowed by the court.
2. By the execution of any such contract, no personalliability is incurred by the personal representative, and no liability of anykind is incurred by the estate unless a sale is made and confirmed by thecourt.
3. Except as otherwise provided in subsection 4, thecommission must not exceed 25 percent of the proceeds from the sale of anypersonal property pursuant to this section unless, before the sale of thepersonal property, the court approves a commission that exceeds 25 percent ofthe proceeds from the sale.
4. If a manufactured home or motor vehicle is soldpursuant to the provisions of this section, the commission for the sale of themanufactured home or motor vehicle must not exceed 10 percent of the proceedsfrom the sale.
5. As used in this section:
(a) Commission means all fees collected by an agent,broker or group of agents or brokers to secure a purchaser for any personalproperty of an estate pursuant to this section, including all fees for costsrelated to the sale of any personal property pursuant to this section.
(b) Manufactured home has the meaning ascribed to itin NRS 118B.015.
(Added to NRS by
NRS
1. Thepersonal representative may enter into a written contract with any bona fideagent, broker, or multiple group of agents or brokers to secure a purchaser forany real property of the estate, and by that contract, the personalrepresentative may grant an exclusive right to sell and shall provide for thepayment to the agent, broker, or multiple group of agents or brokers, out ofthe proceeds of a sale to any purchaser secured pursuant to the contract, of acommission, the amount of which must be fixed and allowed by the court uponconfirmation of the sale. If the sale is confirmed to the purchaser, thecontract is binding and valid as against the estate for the amount so allowedby the court.
2. By theexecution of any such contract, no personal liability is incurred by thepersonal representative, and no liability of any kind is incurred by the estateunless a sale is made and confirmed by the court.
3. Thecommission must not exceed:
(a) Ten percentfor unimproved real property.
(b) Seven percent for improved real property.
[145:107:1941; 1931 NCL 9882.145](NRS A 1975,1290; 1989, 326; 1999,2316)
NRS
[146:107:1941; 1931 NCL 9882.146](NRS A 1975,1290; 1995, 2770; 1999,2317)
NRS
1. If real orpersonal property is sold that is subject to a mortgage or other lien which isa valid claim against the estate, the purchase money must be applied, afterpaying the necessary expenses of the sale:
(a) First tothe payment and satisfaction of the mortgage or other lien; and
(b) Theresidue, if any, in due course of administration.
2. The application of the purchase money to thesatisfaction of the mortgage or other lien must be made without delay, and theproperty is subject to the mortgage or other lien until the purchase money hasbeen so applied.
[147:107:1941; 1931 NCL 9882.147](NRS A
NRS
[148:107:1941; 1931 NCL 9882.148](NRS A
NRS
[149:107:1941; 1931 NCL 9882.149](NRS A
NRS
1. A personalrepresentative may sell the equity of the estate in any property which issubject to a mortgage or lien and sell the property subject to the mortgage orlien, upon such proceedings as are prescribed in this chapter for the sale oflike property.
2. If a claim has been filed upon the debt secured bythe mortgage or lien, no such sale may be confirmed unless the holder of theclaim, by a signed and acknowledged instrument filed in the matter of theestate, releases the estate from all liability upon the claim.
[150:107:1941; 1931 NCL 9882.150](NRS A
PERSONAL PROPERTY
NRS
[151:107:1941; 1931 NCL 9882.151](NRS A
NRS
1. If the saleof securities is authorized by will or by consent of the devisees or heirs towhom the securities are to be distributed, the securities may be sold withoutnotice, and title passes without confirmation, if the securities are sold uponan established securities exchange.
2. All other securities may be sold upon obtaining anorder of the court. Upon the filing of a petition requesting such an order, theclerk shall set the matter for hearing and the petitioner shall give notice forthe period and in the manner required by NRS155.010, but the court may shorten the period or dispense with notice.
[152:107:1941; 1931 NCL 9882.152](NRS A
NRS
1. Except asotherwise provided in subsection 3 and NRS148.080, 148.170 and
2. Public sales may be made at the courthouse door, atsome other public place, at the residence of the decedent or at a placedesignated by the personal representative, but no sale may be made of anypersonal property which is not available for inspection at the time of sale,unless the court otherwise orders.
3. If the personal representative is the sole deviseeor heir of the estate, or if all devisees or heirs of the estate consent inwriting, the court may waive the requirement of publication.
[153:107:1941; 1931 NCL 9882.153](NRS A 1975,1774; 1999, 2318;2003, 2514)
NRS
1. Except as otherwise provided in subsection 2, nosale of personal property at private sale may be confirmed by the court unlessthe court is satisfied that the sum offered represents the fair market value ofthe property sold, nor unless the personal property has been appraised within 1year before the time of sale. If it has not been appraised, a new appraisementmust be had, as in the case of an original appraisement of personal property.This may be done at any time before the sale or confirmation thereof.
2. If the personal representative is the sole deviseeor heir of the estate, or if all devisees or heirs consent in writing to salewithout an appraisal, the requirement of an appraisal may be dispensed with.
(Added to NRS by
NRS
[154:107:1941; 1931 NCL 9882.154](NRS A 1997,1490; 1999, 2319)
NRS
[155:107:1941; 1931 NCL 9882.155](NRS A 1975,1774)
REAL PROPERTY
NRS
1. Notice ofthe time and place of sale of real property must be published in a newspaperpublished in the county in which the property, or some portion of the property,is located, if there is one so published, and if not, then in such paper as thecourt directs, for 2 weeks, being three publications, 1 week apart, before theday of sale or, in the case of a private sale, before the day on or after whichthe sale is to be made. For good cause shown, the court may decrease the numberof publications to one and shorten the time for publication to a period notless than 8 days.
2. If thepersonal representative is the sole devisee or heir of the estate, or if alldevisees or heirs of the estate consent in writing, the court may waive therequirement of publication.
3. If itappears from the inventory and appraisement that the value of the property tobe sold does not exceed $5,000, the personal representative may waive therequirement of publication and, in lieu thereof, post a notice of the time andplace of sale in three of the most public places in the county in which theproperty, or some portion of the property, is located, for 2 weeks before theday of the sale or, in the case of a private sale, before the day on or afterwhich the sale is to be made.
4. The property proposed to be sold must be describedwith common certainty in the notice.
[156:107:1941; A 1943, 50; 1931 NCL 9882.156](NRSA 1999, 2319;
NRS
1. A sale atpublic auction must be made in the county in which the real property islocated, and if it is located in two or more counties, it may be sold ineither. The sale must be made between the hours of 9 a.m. and 5 p.m. on the daynamed in the notice of sale, unless the sale is postponed.
2. If, at the time appointed for the sale, thepersonal representative determines that the sale should be postponed, it may bepostponed from time to time, not to exceed 3 months. In case of a postponement,notice must be given by a public declaration at the time and place firstappointed for the sale.
[157:107:1941; 1931 NCL 9882.157](NRS A 1969, 275;1999, 2319)
1. The noticeof a private sale must state a place where bids or offers will be received, anda day on or after which the sale will be made, which must be at least 2 weeksafter the first publication or posting of the notice, and the sale may not bemade before that day, and must be made within 1 year thereafter, but if it isshown that it will be for the best interests of the estate, the court may, byan order, decrease the number of publications and shorten the time of notice, whichmay not, however, be less than 8 days, and may provide that the sale may bemade on or after a day less than 2 weeks, but not less than 8 days after thefirst publication or posting of the notice, in which case the notice of saleand the sale may be made to correspond with the order.
2. The bids or offers must be in writing, and may beleft at the place designated in the notice or delivered to the personalrepresentative personally at any time after the first publication or posting ofthe notice and before the making of the sale.
[158:107:1941; 1931 NCL 9882.158](NRS A
NRS
1. Except as otherwise provided in subsection 2, nosale of real property at private sale may be confirmed by the court unless thecourt is satisfied that the sum offered represents the fair market value of theproperty sold, nor unless the real property has been appraised within 1 yearbefore the time of sale. If it has not been appraised, a new appraisement mustbe had, as in the case of an original appraisement of an estate. This may bedone at any time before the sale or confirmation thereof.
2. If the personal representative is the sole deviseeor heir of the estate, or if all devisees or heirs consent in writing to salewithout an appraisal, the requirement of an appraisal may be dispensed with andthe personal representative may rely on the assessed value of the property fortaxation in obtaining confirmation of the sale.
[160:107:1941; 1931 NCL 9882.160](NRS A
NRS
1. At thehearing, the court shall consider the necessity for the sale, or the advantage,benefit and interest of the estate in having the sale made, and must examinethe return and the evidence in relation to the sale.
2. If itappears to the court that good reason existed for the sale, that the sale waslegally made and fairly conducted, and complied with the requirements of
3. If awritten offer of 5 percent or $5,000 more in amount than that named in thereturn is made to the court by a responsible person, as provided in subsection2, and the bid complies with all provisions of the law, the court may acceptthe offer and confirm the sale to that person, order a new sale or conduct apublic auction in open court.
4. If a higher bid is received at the time of ahearing to confirm the sale, the court may continue the hearing if it findsthat the original bidder was not notified of the hearing and might desire toincrease his bid, but failure to notify the original bidder or to continue thehearing is not grounds to void an order confirming a sale.
[161:107:1941; 1931 NCL 9882.161](NRS A 1981, 554;1999, 2320)
NRS
1. If a saleis confirmed, a conveyance must be executed to the purchaser by the personalrepresentative. The conveyance must refer to the order confirming sale, and acertified copy of the order must be recorded in the office of the recorder ofthe county in which the property, or any portion thereof, is located.
2. A conveyance so made conveys all the right, title,interest and estate of the decedent in the property at the time of his death,and if before the sale, by operation of law or otherwise, the estate hasacquired any right, title or interest in the property other than or in additionto that of the decedent at the time of his death, that right, title or interestalso passes by the conveyance.
[162:107:1941; 1931 NCL 9882.162](NRS A
1. If a sale is made upon credit, the personalrepresentative shall take the note or notes of the purchaser for the unpaidportion of the purchase money, with a mortgage on the property to secure theirpayment.
2. The mortgage may contain a provision for release ofparts of the property if the court approves the provision.
[163:107:1941; 1931 NCL 9882.163](NRS A 1981, 554;1999, 2321)
NRS
[164:107:1941; 1931 NCL 9882.164](NRS A
NRS
[165:107:1941; 1931 NCL 9882.165](NRS A
NRS
[166:107:1941; 1931 NCL 9882.166](NRS A 1959, 859;1999, 2322)
CONTRACT TO PURCHASE REAL PROPERTY
NRS
[167:107:1941; 1931 NCL 9882.167](NRS A
NRS
1. The salemust be made subject to all payments which are due at the time of sale or whichmay thereafter become due on the contract, and if there are any, the sale mustnot be confirmed by the court until the purchaser executes a bond to thepersonal representative for the benefit and indemnity of himself and of thepersons entitled to the interest of the decedent in the property so contractedfor, in double the whole amount of payments then due and thereafter to becomedue on the contract, with such sureties as the court approves.
2. The bondmust be conditioned that the purchaser will make all payments for the propertywhich are then due or which become due after the date of the sale, and willfully indemnify the personal representative and the persons so entitled againstall demands, cost, charges and expenses by reason of any covenant or agreementcontained in the contract.
3. A bond need not be given if no claim has been madeagainst the estate upon the contract and time for filing or presenting claimshas expired, nor if the holder of the claim, by a signed and acknowledgedinstrument filed in the matter of the estate, releases the estate from allliability upon the claim.
[168:107:1941; 1931 NCL 9882.168](NRS A
NRS
[169:107:1941; 1931 NCL 9882.169](NRS A
MINING PROPERTY
NRS
1. To enter into an agreement to sell or to give anoption to purchase a mining claim, or real property worked as a mine, belongingto the estate of a decedent, the personal representative, or an interestedperson, shall file a petition describing the property in question, stating theterms and general conditions of the proposed agreement or option, showing theadvantage or advantages that may accrue to the estate from entering into it,and requesting an order authorizing or directing its execution.
2. The clerk shall set the petition for hearing, andthe petitioner shall give notice for the period and in the manner provided in
[170:107:1941; 1931 NCL 9882.170](NRS A 1975, 1774;1999, 2322)
NRS
1. At the timeappointed, the court, upon proof that due notice of the hearing has been given,shall proceed to hear the petition and any objection thereto that may have beenfiled or presented, and if, after a hearing, the court is satisfied that itwill be to the advantage of the estate to enter into the proposed agreement, itshall enter an order directing the personal representative to enter into theagreement of sale or to give the option to purchase.
2. The ordermay prescribe the terms and conditions of the agreement or option.
3. A certified copy of the order must be recorded inthe office of the county recorder of every county in which the propertyaffected by the agreement or option, or any portion thereof, is located.
[171:107:1941; 1931 NCL 9882.171](NRS A
NRS
1. The ordermust fix the amount of such additional bond as the court determines should begiven by the personal representative, who is not entitled to receive any of theproceeds from the agreement or option until the bond is given and approved.
2. When the order is entered, the personalrepresentative shall execute, acknowledge and deliver an agreement or option topurchase containing the conditions specified in the order and setting forththerein that it is made by authority of the order, and giving the date of theorder.
[172:107:1941; 1931 NCL 9882.172](NRS A
NRS
[173:107:1941; 1931 NCL 9882.173](NRS A
NRS
[174:107:1941; 1931 NCL 9882.174](NRS A
CONVEYANCES
General Provisions
NRS
1. The personal representative or an interested personmay petition the court to enter an order:
(a) If the decedent died in possession of, or holdingtitle to, property and the property or an interest in it is claimed by another.
(b) If the decedent died having a claim to property andanother holds title to or is in possession of the property.
2. The petition must state the facts upon which it isbased and the name and address of each person entitled to notice of thepetition.
3. Upon the filing of the petition, the clerk shallset it for hearing and the petitioner shall give notice of the hearing, atleast 30 days before the time set, to:
(a) All interested persons, in the manner provided in
(b) Each person claiming an interest in, or havingtitle to or possession of the property, and any other person whose right, titleor interest in or to the property would be affected by the granting of thepetition, in the manner provided in NRS155.040.
(c) Any other person, in the manner directed by thecourt.
4. An interested person may request time for filing aresponse to the petition, for discovery or for other preparation for thehearing, and the court may grant a continuance for a reasonable time.
5. The court shall not grant a petition under thissection if it determines that the matter should be determined by a civilaction.
6. A person having or claiming title to or an interestin the property which is the subject of the petition may, at or before thehearing, object to the hearing if the petition is filed in a court which is notthe proper court under other law for the trial of a civil action seeking thesame relief, and if the ground for the objection is established, the courtshall not grant the petition.
7. If a civil action is pending with respect to thesubject matter of the petition and jurisdiction was obtained in the court wherethat action is pending before the petition was filed, upon request of a partyto the civil action, the court shall stay action on the petition until theconclusion of the civil action, but the court need not stay action if itdetermines that the civil action was filed for the purpose of delay.
8. Except as otherwise provided in subsection 5, 6 or7, if the court is satisfied that a conveyance, transfer, delivery or otherdisposition should be made, the court shall enter an order directing thepersonal representative or other person having title to or possession of theproperty to convey, transfer or deliver it to the person entitled thereto orgranting other appropriate relief.
9. If an order is entered pursuant to subsection 8:
(a) The order is prima facie evidence of thecorrectness of the proceedings and of the personal representative or otherperson to execute the conveyance or transfer.
(b) The person entitled under the order has the rightto possession of the property, and the right to hold the property, according tothe terms of the order as if the property had been conveyed or transferred.
(c) The personal representative or other person to whomthe order is directed shall execute the conveyance or transfer according to theterms of the order.
(d) A conveyance or transfer by the personalrepresentative passes title to the property as fully as if the decedent hadexecuted it while living.
(Added to NRS by
Conveyance to Complete Contract
NRS
(Added to NRS by
NRS
1. The personal representative, or the person claimingto be entitled to the conveyance or transfer, may file with the clerk apetition setting forth the facts upon which the claim is predicated.
2. The clerk shall set the petition for hearing, andthe petitioner shall give notice for the period and in the manner required by
(Added to NRS by
1. At the time appointed, the court, upon proof thatdue notice of the hearing has been given, shall hear the petition and anyobjection that has filed or is presented.
2. If the court is satisfied that the conveyance ortransfer should be made, it shall enter an order directing the personalrepresentative to execute the conveyance or transfer to the person entitledthereto.
3. If the transaction relates to real property, acertified copy of the order must be recorded with the deed in the office of thecounty recorder of the county in which the real property is located.
(Added to NRS by
NRS
1. The order is prima facie evidence of thecorrectness of the proceedings and of the authority of the personalrepresentative to make the conveyance or transfer, and after its entry, theperson entitled to the conveyance or transfer has a right to the possession ofthe property contracted for, and to hold the property according to the terms ofthe intended conveyance or transfer, in like manner as if it had been conveyedor transferred pursuant to the order.
2. The personal representative shall execute theconveyance or transfer according to the directions of the order, and the courtmay enforce its execution by process. The conveyance or transfer passes titleto the property contracted for as fully as if the contracting party hadexecuted it while living.
(Added to NRS by
EXCHANGE OF PROPERTY
NRS
(Added to NRS by
Disclaimer: These codes may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.