Property Management

The real estate profession has become increasingly based in legalities. While a handshake can signify an agreement, the contract is the foundation of the real estate transaction today.

With the increased focus on legal issues, NVAR provides members services in the legal arena. Various articles on current and hot legal topics are provided through the weekly NVAR Online News. In addition, the Legal Information Line is available to members.

There are many real estate related questions that arise often. These FAQs (Frequently Asked Questions) by topic are provided to assist you in finding quick answers.

Property Management

Q:  I am the property manager for the owner of a residence I have rented. The tenants moved out and left the property in a real mess. I had to replace the carpet because of pet odor. I had to clean the home, haul debris and garbage to the dump and repair holes in the walls. The tenants have demanded their security deposit be returned. Can I keep it? What am I allowed to do?

A:  NRS 118A.240 defines security deposit as: “Any payment, deposit, fee or charge that is to be used for any of the following purposes is “security” and is governed by the provisions of this section and NRS 118A.242 an 118A.244:

  1. Remedying any default of the tenant in the payments of rent.
  2. Repairing damages to the premises other than normal wear caused by the tenant.
  3. Cleaning the dwelling unit.

Upon termination of the tenancy by either party for any reason, the landlord may claim of the security only such amounts as are reasonably necessary to remedy any default of the tenant in the payment of rent, to repair damages to the premises caused by the tenant other than normal wear and to pay the reasonable costs of cleaning the premises. The landlord shall provide the tenant the tenant with an itemized written accounting of the disposition of the security and return any remaining portion of the security to the tenant no later than 30 days after the termination of the tenancy by handing it to him personally at the place where the rent is paid, or by mailing it to him at his present address, or if that address is unknown, at the tenant’s last known address.

A word of caution:

  • If landlord fails to return the remainder of the security deposit within 30 days, he is liable to the tenant for damages.

The damages the landlord could be liable to the tenant:

  • An amount equal to the entire deposit; and
  • A sum to be fixed by the court of not more than the amount of the entire deposit

Q:  I am a property manager. I know many of the questions I have about landlord/tenant law can be answered by looking at the Nevada Revised Statutes. How do I get a copy of the Nevada Revised Statutes?

A:  Most property management and landlord/tenant laws are in NRS Chapters 40, 118, 118A, and 645 and NAC Chapter 645.  Go to the Nevada Legislative website at www.leg.state.nv.us/NRS for the statutes and www.leg.state.nv.us/NAC  for the administrative codes.  These sites will bring up a table of statutes or codes.  Scroll down the table until you get to the chapter you want, highlight it and “click”.  You can print these to have copies available for members of your brokerage.  Be sure to check back regularly (especially after each legislative session) to make sure you have the most current statutes and codes.