Property Ownership
What is a purchase and sale agreement's 'closing conditions precedent' in Nevada?
AConditions that must occur after closing
BConditions that must be satisfied before the parties are obligated to close — such as financing approval, clear title, satisfactory inspection, and HOA document review✓ Correct
CConditions imposed by NRED on all residential closings
DCourt conditions for distressed property sales
Explanation
Conditions precedent are requirements that must be met before the parties must close. In Nevada purchase contracts, common conditions precedent include: financing contingency satisfied, title clear of objectionable liens, inspection contingencies removed, and HOA document review period complete.
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