1. If the court orders a sale of heirs property, the sale must be an open-market sale unless the court finds that a sale by sealed bids or an auction would be more economically advantageous and in the best interest of the cotenants as a group.
2. If the court orders an open-market sale and the parties, not later than 10 days after the entry of the order, agree on a real estate broker licensed in this State to offer the property for sale, the court shall appoint that broker and establish a reasonable commission. If the parties do not agree on a broker, the court shall appoint a disinterested real estate broker licensed in this State to offer the property for sale and shall establish a reasonable commission. The broker shall offer the property for sale in a commercially reasonable manner at a price not lower than the determination of value and on the terms and conditions established by the court.
3. If the broker appointed under subsection 2 obtains within a reasonable time an offer to purchase the property for at least the determination of value:
(a) The broker shall comply with the reporting requirements set forth in NRS 39.695; and
(b) The sale may be completed in accordance with state law other than NRS 39.600 to 39.705, inclusive.
4. If the broker appointed under subsection 2 does not obtain within a reasonable time an offer to purchase the property for at least the determination of value, the court, after hearing, may:
(a) Approve the highest outstanding offer, if any;
(b) Redetermine the value of the property and order that the property continue to be offered for an additional time; or
(c) Order that the property be sold by sealed bids or at an auction.
5. If the court orders a sale by sealed bids or an auction, the court shall set terms and conditions of the sale. If the court orders an auction, the auction must be conducted under the provisions of NRS 39.010 to 39.490, inclusive.
6. If a purchaser is entitled to a share of the proceeds of the sale, the purchaser is entitled to a credit against the price in an amount equal to the purchaser’s share of the proceeds.
(Added to NRS by 2011, 314)
Structure Nevada Revised Statutes
Chapter 39 - Partition of Real Property and Mining Claims
NRS 39.010 - Actions for partition of real property; partial partition.
NRS 39.020 - Interests of all parties must be set forth in complaint.
NRS 39.030 - Lienholders not of record need not be made parties.
NRS 39.050 - Summons must be directed to all parties interested in property.
NRS 39.070 - Contents of answers.
NRS 39.100 - Lienholders must be made parties or master appointed.
NRS 39.110 - Lienholders must be notified to appear before master.
NRS 39.120 - Court may order sale or partition.
NRS 39.130 - Partition in accordance with rights of parties.
NRS 39.140 - Report of master’s proceedings regarding partition.
NRS 39.150 - Court may confirm or modify master’s report or appoint new master; conclusive judgment.
NRS 39.160 - Judgment not to affect tenants for years to whole property.
NRS 39.170 - Apportionment of expenses.
NRS 39.200 - Interest allowed on disbursements.
NRS 39.230 - Application of proceeds of sale of encumbered property.
NRS 39.240 - Lien claimant holding other securities may be required to exhaust them first.
NRS 39.250 - Distribution of proceeds of sale upon direction of court.
NRS 39.260 - Continuance for determination of claims to proceeds of sales.
NRS 39.290 - Acceptance of securities for purchase money.
NRS 39.300 - Tenant whose estate has been sold is entitled to receive compensation.
NRS 39.310 - Court may fix compensation for tenant.
NRS 39.320 - Court must protect unknown tenants.
NRS 39.330 - Court must secure value of future interests.
NRS 39.340 - Terms and manner of sale must be made known.
NRS 39.350 - Who may not be purchasers.
NRS 39.360 - Master to make report of sale to court; contents.
NRS 39.370 - Execution of conveyances and taking of securities after sale confirmed.
NRS 39.380 - Proceeding if party entitled to share or lienholder becomes purchaser.
NRS 39.390 - Recorded conveyances bar interested persons.
NRS 39.400 - Proceeds belonging to unknown owner must be invested.
NRS 39.410 - Investment must be made in name of clerk.
NRS 39.420 - When interests of parties ascertained, securities must be taken in their names.
NRS 39.430 - Duties of clerk concerning investments.
NRS 39.440 - When unequal partition is ordered, compensation to be made on account of inequality.
NRS 39.450 - Share of infant paid to guardian.
NRS 39.460 - Share of insane person to be received by guardian.
NRS 39.470 - Guardian may consent to partition without action and execute releases.
NRS 39.480 - Cost of partition is lien upon several shares.
NRS 39.490 - Court may appoint numerous masters upon request.
NRS 39.500 - Court may order master to divide mining claims.
NRS 39.510 - Time ordered for division.
NRS 39.520 - Division of claim.
NRS 39.530 - Parties may unite for purposes of division; order of court to govern.
NRS 39.540 - Portions sold at auction; master to mark off portions sold.
NRS 39.550 - Remaining parties have privilege of selection; interests marked off.
NRS 39.560 - Master to return evidences of authority with master’s report.
NRS 39.570 - Expenses of master and others apportioned among parties.
NRS 39.610 - "Ascendant" defined.
NRS 39.615 - "Collateral" defined.
NRS 39.620 - "Descendant" defined.
NRS 39.625 - "Determination of value" defined.
NRS 39.630 - "Heirs property" defined.
NRS 39.635 - "Partition by sale" defined.
NRS 39.640 - "Partition in kind" defined.
NRS 39.645 - "Record" defined.
NRS 39.650 - "Relative" defined.
NRS 39.655 - Applicability; relation to other law.
NRS 39.660 - Manner of service; notice by posting.
NRS 39.665 - Masters appointed by court.
NRS 39.670 - Determination of value.
NRS 39.680 - Partition alternatives.
NRS 39.685 - Considerations for partition in kind.
NRS 39.690 - Open-market sale; sale by sealed bids or auction.
NRS 39.695 - Report of open-market sale.
NRS 39.700 - Applying and construing Uniform Act to promote uniformity.
NRS 39.705 - Relation to Electronic Signatures in Global and National Commerce Act.