However if you are a landlord or property manager you should read this. This Bill will change the way a security deposit is handled. This question comes up in our class on a regular basis. We thought we would do some research into, what is going to be changes coming our way that will effect landlords, tenants, and property owner. Here is just the brief part of the bill in Senate.
SUMMARY—Makes various changes concerning foreclosures and
security deposits.
Legislative Counsel’s Digest:
1 Existing law provides that after a foreclosure sale or trustee’s sale, the new2 owner of real property or a mobile home may file an action to evict a tenant who
3 holds over and continues to stay in the property after a 3-day written notice to quit
4 has been served upon him. Section 1 of this bill allows the new owner to offer the
5 tenant a payment in exchange for vacating the property on a date earlier than the
6 date on which the tenant may be evicted. Section 1 also provides that such an offer,
7 if in writing, constitutes an offer of judgment. Thus, if the tenant refuses the offer
8 and does not obtain a more favorable judgment in an action to evict the tenant, the
9 tenant must pay certain costs incurred by the new owner. (NRS 40.215-40.425)
10 Section 2 of this bill revises existing law to require a landlord who receives a
11 security deposit from a tenant to place the security deposit in an escrow account
12 and disclose to the tenant the location of the security deposit and any change
13 thereof. (NRS 118A.242) Section 2 also provides certain penalties for a landlord
14 who fails to comply with these requirements.
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