Real Estate Purchase Agreements in Nevada: Legal Traps Buyers and Sellers Miss

A real estate purchase agreement is the foundation of every property transaction. In Nevada, even small drafting errors or misunderstood clauses can derail a deal, expose parties to lawsuits, or result in financial loss.

Many buyers and sellers rely on standard forms without understanding how Nevada law applies to contract terms. This guide highlights the most common legal traps in purchase agreements and explains why legal review is critical before closing.

What Is a Real Estate Purchase Agreement?

A purchase agreement is a legally binding contract that outlines:

• Purchase price
• Closing terms
• Contingencies
• Disclosures
• Remedies if the deal fails

Once signed, the agreement controls the transaction — not verbal promises or assumptions.

Common Legal Traps Buyers Miss

Inspection Deadlines

Missing inspection deadlines may waive a buyer’s right to object or cancel.

Financing Contingencies

Poorly drafted contingencies can require buyers to close even when financing falls through.

“As-Is” Clauses

“As-is” does not eliminate disclosure obligations or protect against fraud.

Earnest Money Risk

Improper cancellation can result in forfeiture of earnest money.

Common Legal Traps Sellers Miss

Disclosure Obligations

Nevada law requires specific disclosures. Failure can lead to rescission or damages.

Repair Agreements

Unclear repair terms often result in post-closing disputes.

Buyer Default Remedies

Many sellers misunderstand what happens if a buyer walks away.

Contingency Loopholes

Overbroad contingencies can allow buyers to exit without consequence.

Investor-Specific Risks

Investor transactions often involve:

• LLC buyers
• Off-market contracts
• Seller financing
• Assignment rights

Each adds complexity and increases the need for legal oversight.

The Role of Contingencies in Nevada Contracts

Contingencies protect parties — but only if properly drafted. Common contingencies include:

• Inspection
• Appraisal
• Financing
• Title review

Ambiguous contingency language is one of the leading causes of disputes.

Remedies When a Deal Fails

Purchase agreements typically limit remedies to:

• Earnest money damages
• Specific performance

Understanding these limitations before signing is essential.

Why Legal Review Matters Before Signing

Once disputes arise, leverage disappears. Legal review before execution allows:

• Risk identification
• Strategic negotiation
• Clear expectations
• Reduced litigation risk

Most purchase agreement disputes are preventable.

When to Contact a Real Estate Lawyer

You should seek legal advice when:

• Buying or selling without a broker
• Purchasing investment property
• Using custom or non-standard contracts
• Disputes arise before closing

My Real Estate Lawyer helps buyers and sellers protect their interests before problems arise — when solutions are still available.