1. At the hearing to confirm the sale of real property, the court shall:
(a) Consider whether the sale is necessary or in the best interest of the estate of the protected person; and
(b) Examine the return on the investment and the evidence submitted in relation to the sale.
2. The court shall confirm the sale and order conveyances to be executed if it appears to the court that:
(a) Good reason existed for the sale;
(b) The sale was conducted in a legal and fair manner;
(c) The amount of the offer is not disproportionate to the value of the property; and
(d) It is unlikely that a bid would be made which exceeds the original offer:
(1) By at least 5 percent if the offer is less than $100,000; or
(2) By at least $5,000 if the offer is $100,000 or more.
3. The court shall not confirm the sale if the conditions in this section are not satisfied.
4. If the court does not confirm the sale, the court:
(a) May order a new sale; or
(b) May conduct a public auction in open court.
5. If the court orders a new sale:
(a) Notice must be given in the manner set forth in NRS 159.1425; and
(b) The sale must be conducted in all other respects as though no previous sale has taken place.
6. If a higher offer is received by the court during the hearing to confirm the sale, the court may continue the hearing if the court determines that the person who made the offer being confirmed was not notified of the hearing and may wish to increase the price of his or her offer. This subsection does not grant a right to a person to have a continuance granted and may not be used as a ground to set aside an order confirming a sale.
7. Except as otherwise provided in this section, only the name of the buyer and the price of the sale may be changed at a public auction in open court. An order confirming the sale is sufficient as an addendum to the original contract to allow escrow to close.
8. The title company may be changed at a public auction in open court if the estate and the buyer have mutually agreed to the change in writing.
9. The date of the close of escrow must be at least 10 judicial days after the date that the notice of the entry of order confirming the sale is filed with the clerk of the court unless the contract specifies a later date. The parties to the sale may extend the date of the close of escrow by mutual agreement in writing.
10. If the estate owes more than the value of the property and the estate has made an agreement with all lienholders to accept the sale price and waive any deficiency between the sale price and the amount owed to all lienholders, the sale must be confirmed without the potential for bidding in court. All other portions of the confirmation of sale must be adhered to. The valuation by the bank shall be deemed to be sufficient to meet the appraisal requirement for the sale, and the date of the sale is the date on which the bank approves the sale.
(Added to NRS by 2003, 1762; A 2013, 921; 2017, 3916)