Property Ownership
What is the doctrine of laches in Nevada real estate law?
AA doctrine allowing courts to invalidate real property contracts
BAn equitable doctrine barring a party from asserting a right or claim after an unreasonable delay that prejudices the other party✓ Correct
CA rule requiring lenders to grant loan modifications
DA principle requiring agents to disclose all known facts immediately
Explanation
Laches is an equitable defense in Nevada courts that prevents a party from asserting a right or remedy when they have unreasonably delayed doing so and the delay has prejudiced the opposing party. It operates like a statute of limitations in equity.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
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