There exist no stabilized policies or rent control measures in the state of Nevada. Another aspect related to limit on collection of application fee and late fee too is vague; there exist no precincts here as well. However, in general terms both (application and late fee) should be rational and carry only the actual expenses by the landlord.
Nonetheless, NRS 597.960 has provisions that giver of a bad check is liable for a $25.00 collection fee for each check that is desecrated by the bank. Desecration by the bank can be in any of the following scenarios – stop payment, insufficient funds, and no account in the bank.
This can further be in favor of the landlord because the law doesn’t restrict him from charging late fee on a per-diem basis.
There are also exists policies that confines a landlord from increasing the rent paid by a tenant. The NRS 118A.300 clearly states that if you wish to increase the rent then you need to present a 45 days written notice in advance to your tenant informing him/her of the increase in the rent payable amount. There are variations in the term of the notice period based on the type of tenancy.
Speaking about security deposit; the NRS 118A.242 clarifies that the amount should not exceed the equivalent of three months rent. It should be noted that during the time of drafting a Nevada lease agreement that no provision is made terming the security deposit as non-refundable. Now that the landlord holds a security deposit it doesn’t entitle the tenant to any interest on the security amount in Nevada.
A Nevada lease agreement and the tenancy can be terminated by either party for various reasons. In such a scenario the landlord can only deduct amount related to arrears in rent, cleaning and damage collection (to the premises) from the security deposit amount. The landlord is liable to present to the tenant a written statement detailing the deductions from the security deposit. He further has to refund the remaining amount to the tenant within 30 days of termination of the Nevada lease. He can either hand over the cash in person; mail a check to him/her.
The landlords may try to charge more towards wear and tear of the premises which has been described by the court as normal. To avert such a situation there should be realistic evaluation of all the deductions. Much better if proof of damage, repair receipts and pictures are presented to justify the charges and deductions.
Ending a fixed-term Nevada lease agreement can happen at the end of the agreed lease period or if there are other agreed provisions in the agreement. The details about the notice provisions must be available in the original agreement until and unless there is written amendment to the contract or a new supplement is signed by both the parties. In case of periodic tenancies the tenant has to inform the landlord in written or orally expressing his desire to end the contract/agreement.
Brian Davis is a landlord and real estate investor, who contributes content to many online resources for real estate investors including Real Estate Pro Articles and EZ Landlord Forms, who provides both a state specific lease agreement for Nevada and Nevada lease resources.
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