SB255 amended NRS 116.4109 and now allows for the rescission (“cancellation”) of a real estate contract via electronic means after the Common-Interest Community (“CIC”) aka, “HOA” resale package has been reviewed by a Buyer. Most agents have always used electronic means (i.e. email) to cancel a purchase agreement pursuant to the buyer’s resale package review contingency, even though by law, it was an unacceptable method of delivery. This bill brings into conformity the law with the “real world of real estate.” This bill went into effect on July 1st, 2017. Licensees are strongly advised if they’re using email as their method of delivering a notice of cancellation (“rescind”) of a purchase agreement to verify that delivery was made and received by using “read receipt.”
[Note: “A delivery receipt confirms delivery of your email message to the recipient’s mailbox, but not that the recipient has seen it or read it. A read receipt confirms that your message was opened].