1. In the case of a sale of a unit where delivery of a public offering statement is required pursuant to subsection 3 of NRS 116.4102, a seller:
(a) Before conveying a unit, shall record or furnish to the purchaser releases of all liens, except liens on real estate that a declarant has the right to withdraw from the common-interest community, that the purchaser does not expressly agree to take subject to or assume and that encumber:
(1) In a condominium, that unit and its interest in the common elements; and
(2) In a cooperative or planned community, that unit and any limited common elements assigned thereto; or
(b) Shall provide a surety bond against the lien as provided for liens on real estate in NRS 108.2413 to 108.2425, inclusive.
2. Before conveying real estate to the association, the declarant shall have that real estate released from:
(a) All liens the foreclosure of which would deprive units’ owners of any right of access to or easement of support of their units; and
(b) All other liens on that real estate unless the public offering statement describes certain real estate that may be conveyed subject to liens in specified amounts.
(Added to NRS by 1991, 575; A 2003, 2618)