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Las Vegas Real Estate Attorneys Describe Escrow Agent Duties in Las Vegas Brokerage Agreements
by Legal S. Real Estate Attorneys in CA and NVIn 1999, the Nevada legislature enacted Senate Bill 452.
The purpose of the bill was to prevent real estate brokers in commercial real estate sales transactions from being taken advantage of by commercial sellers who had a tendency to shortchange their brokers on sales commissions at the close of escrow.
The legislation added several new sections to Chapter 645 of the Nevada Revised Statutes, which governs and regulates real estate brokers and agents.
In addition to the new protections and obligations imposed on real estate brokers and sellers in commercial real estate transactions, the new statutes added duties and obligations to the escrow agents involved in the sale as well.
Once the escrow agent receives notice of the claim, NRS 645.8781 requires the escrow agent to set aside part of the money being held, in an amount equal to the amount claimed by the broker, or all of the money if the amount currently being held is insufficient to satisfy the claim.
As the statute notes, the escrow agent may take into account any encumbrance, claim or lien that takes priority over the broker’s claim, provided it was asserted prior to the broker’s assertion of his or her claim.
This occurs in order to determine whether the escrow funds are insufficient to satisfy the broker’s claim.
Las Vegas Real Estate Attorneys can help you with any real estate matter, whether it be for business litigation, property disputes, construction disputes, title matters, contracts, bankruptcies, business formations, timeshare litigation or student loan adjustments.
Contact Las Vegas Real Estate Attorneys today — go to https://www.LasVegasRealEstateAttorney.com or call (800) 233–8521 for a complimentary phone consultation.
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About Legal S. 
Real Estate Attorneys in CA and NV
19 connections, 0 recommendations, 54 honor points.Joined APSense since, June 26th, 2020, From Newport Beach, United States.
Created on May 4th 2024 14:50. Viewed 58 times.
