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LEGAL
CONTINUED FROM PAGE 17
Designed to help educate and inform the buyer, while
seeking to protect the buyer’s broker, the form first
recaps the requirements of NRS 113 regarding SRPDs.
Such information includes the duty of the seller to
provide the form, the prohibition against asking the
buyer to waive receipt of the form and the availability of
certain remedies.
The form also reminds the buyer that his/her agent cannot
explain the legal ramifications of waiving any of the
remedies in NRS 113.150.
Next, with all of these explanations, if the buyer
independently chooses to move forward with the
transaction without an SRPD or with an incomplete SRPD,
the buyer should initial where indicated.
Finally, the form includes release and hold harmless
language indicating that the buyer is releasing the buyer’s
broker and agent (not the listing side!) for any damages that
may be due to disclosed or undisclosed defects.
Several brokers around the state had developed their own
forms and GLVAR’s form presents a standardized form
that may be used. Like other GLVAR forms, it’s a tool not a
requirement.
The new Hold Harmless Agreement may be used in
situations where the buyer has never personally, physically
visited the property, but insists on purchasing it. The form
is also designed to accommodate a lease situation, as many
renters also view properties and makes decisions online.
In signing the form, the buyer agrees that he/she is not
relying on any statements or representations made by
the broker or agent; agrees to conduct such tests, walkthroughs,
inspections and research deemed necessary; and
to seek advice from professionals of his/her choice, such as
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SOUTHERN NEVADA REALTOR ® DECEMBER 2012 www.LasVegasRealtor.com