P: 702-547-1900

Did you read the Southern Nevada REALTOR magazine? Page 8 talks about AB140 going into effect Oct 1^st 2009. This is a MUST read. One of the key changes to existing law is that prospective tenants MUST be notified if the property they are considering renting is in ANY stage of foreclosure.

As a Nevada Real Estate Agent, you can sign up for FREE to check your properties for foreclosure related documents at www.rentalforeclosure.com/propertymanager .

AB140 represents landmark changes in the area of foreclosure and tenants rights. REALTORS, particularly those who hold a property management permit, should be familiar with the provisions of the new law.

The bill amends NRS 118A to require a landlord to disclose, in writing, to a prospective tenant if the property is subject to foreclosure proceedings. A willful violation is a deceptive trade practice punishable by a civil fine of $5,000 and/or criminal sanctions for a misdemeanor (first offense), gross misdemeanor ( second offense) or felony ( third offense) pursuant to NRS 598.0999.  

Michele