Contracts
What is 'privity of contract' and how does it apply in Nevada real estate law?
AA provision protecting privacy in real estate contracts
BThe direct contractual relationship between the parties to a contract — only parties in privity may generally enforce contract rights against each other✓ Correct
CA law requiring all Nevada contracts to be kept private
DA doctrine protecting broker-client communications
Explanation
Privity of contract means only the parties to a contract can enforce its terms. In Nevada real estate, this means third parties (like subsequent owners) generally cannot sue on the original purchase contract.
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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.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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