A summary description of Real Estate Forms & Contracts included in our Nevada residential package:
- Offer and Acceptance Agreement: This is the sales contract. If you are selling jointly fill in the name of both husband and wife and leave the Buyer’s name blank. Fill in City, County and Street address. Fill in all information that will not change plus your asking price, and print several copies. The “Financing” paragraph on page 1 can’t be filled out without a potential buyer who has agreed to your price and is prepared to say how much cash he or she can offer as a down payment and what kind of mortgage loan he or she will try to get.
- Seller’s Real Property Disclosure Form: Fill in the blanks, make several copies, and attach a copy to each Offer and Acceptance Agreement. The purpose of this document is to allow the Seller to tell the Buyer what he or she knows about the property. It does NOT require research. “Don’t know” or “Unknown” are perfectly acceptable answers.
- Lead Based Paint Disclosure: Sellers of homes built before 1978 must tell what they know, if anything, about lead based paint hazards on the property.
- Common Ownership Properties Addendum (Nv_CommonInterestAd.doc): Most homes built after 1980 are in sub-divisions where owners are required to join Homeowner’s Associations and pay dues to maintain common property. Fill out this form if your Buyer will be required to join a Homeowner’s Association.
- Amendment To Offer and Acceptance Agreement (Nv_General_Amendment.doc): This is essentially a blank form to provide space for the Seller and Buyer to specify terms not included in the Offer and Acceptance Agreement. In most cases, the new terms can be copied from our Special Stipulations form, or ‘cut’ and ‘pasted” into the blank space on the Amendment.
- Escrow Agreement (Nv_Escrow_Agreement.doc): When selling a home with the help of a real estate broker, the broker usually holds the Buyer’s earnest money deposit. The Escrow Agreement provides a place for the Seller and Buyer to name a third party to hold earnest money and other deposits. It also specifies the conditions under which the deposit are returned to the Buyer or transferred to the Seller.
- Counter Offer (Nv_Counter_Offer.doc): This is essentially a blank form that provides a medium for either the Seller or Buyer to describe terms they would like made to the currently offered Offer and Acceptance Agreement. For simple changes like the purchase price amount the Seller or Buyer can simply draw a line through the offered amount and write an acceptable price directly onto the Offer and Acceptance Agreement. The Counter Offer provides a more formal method of making complex changes.
- Special Stipulations (Special_Stipulations.rtf): This is a plain text document with 24 clauses (paragraphs) that describe situations Sellers and Buyers often want to include in the Offer and Acceptance Agreement. For instance, a Buyer may want to make the contract subject to approval of a father-in-law who is financing the purchase. These stipulations are in plain text format so they may easily be ‘cut’ and ‘pasted’ into the Offer and Acceptance Agreement.
- Net to Seller: This form allows user to enter estimates of all closing costs (balance on current mortgage loan, attorney’s fee, Title search, etc). The user manually subtracts the total estimated cost from the Purchase Price to get the amount of cash the Seller will receive at closing.
- Buyer Pre-Qualification: This form records the prospective Buyer’s annual income and expenses and provides manual calculation formula to determine if Buyer can afford the asking price.
- Buyer Pre-Qual Sample: Buyer Pre-Qualification form filled out for a Buyer with $48,000 annual income. Based on the sample Buyer’s monthly expenses, the form estimates that Buyer can afford a $144,000 house.
Our Nevada forms are designed by NICNIA Real Estate Corp to meet Nevada requirements. These forms and contracts are functionally equivalent to real estate forms published by the Nevada Association of Realtors but are necessarily different to avoid their copyright. Despite the minor differences our forms and contracts are used to sell and buy Nevada real estate on a regular basis.
Forms purchased from Audrie.com are typically one or two pages shorter that real estate forms published by the Nevada Association of Realtors. Our forms are designed for people selling their homes without a real estate broker so we omit sections covering commission amounts, splits between brokers for the seller and brokers for the buyer, and arbitration rules to govern commission disputes.
Our Real Estate Forms will be appropriate for most people selling their own homes. However, unusual or complicated legal situations may sometimes occur. If you are faced with a real estate situation not covered in our forms, we recommend the advice of a real estate attorney. You can still save money by filling out our forms to the best of your ability and paying a real estate attorney to proof read them and make changes. The cost for an attorney's time for this type of service should be a lot less than the cost of preparing entire documents.
In cooperation with Nicnia Real Estate, the Audrie.com staff conducts an annual review of changes to real estate forms published by realtor associations in each state. By far the most changes to forms published by the Nevada Association of Realtors are to sections covering real estate broker commissions, dispute resolutions and arbitration between brokers. These “broker” sections are not usually covered in our real estate forms so our current Nevada real estate forms are often identical to our prior year forms even when the state realtor associations trumpets new changes.
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