Nevada Energy Regulation

Starting January 1, 2011, Nevada has implemented a new law (NRS 113.115(1)) requiring that the seller of residential property provide the purchaser with an evaluation of the energy consumption of the home. Links to the form and instructions for the form are listed below. However, the buyer and seller can mutually agree to waive this requirement. The waiver is found at the bottom of page 4 of the form.

• Nevada Residential Energy Consumption Form
• Nevada Residential Energy Consumption Form Instructions

My Thoughts (Guesses?)

• In the case of REO properties, the banks have no knowledge of the efficiency and so the waiver will be required.
• For deals that are already in process, I think the waiver will be appropriate since no one was planning for this.
• From what I have read, there is no provision in the law for canceling an existing contract if the seller chooses not to provide the waiver. I think that in the future this will be a required element during the due-diligence period.
• The regulation states that a property inspector can provide most of the information. I called one and he has not had any training on this and generally knows less than I do.

In summary, I think it will take time before this new regulation is fully implemented and for the first few months there will be a lot of waivers.

Contact me if you are considering buying or selling Las Vegas real estate. You will be glad you did.

...Eric

Eric Fernwood
RE/MAX CENTRAL
8400 W. Sahara Ave
Las Vegas NV 89117
Email: EricFernwood@gmail.com
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