1. Where any part of the statement of record, when that part became effective, contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein, the Administrator or any person acquiring a lot in the subdivision covered by the statement of record from the developer or his or her agent during the period the statement remained uncorrected (unless it is proved that at the time of the acquisition the Administrator or purchaser knew of the untruth or omission) may sue the developer in any court of competent jurisdiction.
2. Any developer or agent, who sells or leases a lot in a subdivision:
(a) In violation of this chapter; or
(b) By means of a property report which contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein,
may be sued by the Administrator or purchaser of the lot.
3. If a suit authorized under subsection 1 or 2 is brought by the purchaser, the purchaser is entitled to recover such damages as represent the difference between the amount paid for the lot and the reasonable cost of any improvements thereto, and the lesser of:
(a) The value thereof as of the time the suit was brought;
(b) The price at which the lot has been disposed of in a bona fide market transaction before suit; or
(c) The price at which the lot has been disposed of after suit in a bona fide market transaction but before judgment,
or to rescission of the contract of sale and the refund of any consideration paid by the purchaser.
4. If a suit authorized under subsection 1 or 2 is brought by the Administrator, the Administrator may seek a declaration of the court that any person entitled to sue the developer or his or her agent under this section is entitled to the right of rescission and the refund of any consideration paid by him or her.
5. Every person who becomes liable to make any payment under this section may recover contribution as in cases of contract from any person who, if sued separately, would have been liable to make the same payment.
6. Reasonable attorney’s fees may be awarded to the prevailing party in any action brought under this section. Any action to rescind a contract of sale under this section must be brought within 1 year after the date of purchase or within 1 year after the date of the discovery of the misrepresentation giving rise to the action for rescission.
7. The provisions of this section are in addition to and not a substitute for any other right of a person to bring an action in any court for any act involved in the offering or sale of an interest in a subdivision or the right of the State to punish any person for any violation of any law.
(Added to NRS by 1971, 1409; A 1973, 1758; 1987, 1076)