New Real Estate Law effective January 1, 2011

Stop New Requirements to Buy Property!
ISSUE:
The Nevada Energy Commissioner is currently receiving written comments on R148-10, a regulation stemming from legislation passed in 2007. The legislation established that a seller must provide a 12-month average of the utility bill to a prospective buyer, to inform buyers of energy costs associated with purchasing a home. This law becomes effective on January 1, 2011. The regulation as currently proposed accurately reflects the intent and letter of the law, and NVAR is fully supportive of the work done by the Commissioner.

Unfortunately, some entities believe that a comprehensive energy audit should be conducted at point of sale. This is a big concern for our clients and customers, as this could pose excessive and unnecessary delays in the transfer of property, as well as add to the cost of acquiring real property.
NVAR's POSITION:
The Nevada Association of REALTORS® opposes any requirements that are tied to real estate transactions. Any encumbrance on the sale of property delays escrows, increases the cost of homeownership, and increases the time to sell a home.

ACTION NEEDED:
•The Nevada Energy Commissioner is currently receiving written comments on R148-10.
•Please submit your written comments to the Nevada Energy Commissioner in support of the regulation as written, and opposing any requirements tied to the transfer of property to protect our economy and our real estate market.



Send a letter to the following decision maker:
•Hatice Gecol
Below is the sample letter:
Message Subject: **Comments on R148-10**
Dear [Decision Maker],
I am writing to you in support of R148-10 as presented.
In 2007, the Senate Committee on Commerce and Labor introduced legislation that would have required a comprehensive energy audit at point of sale and rated the property on its energy efficiency. The Nevada Association of REALTORS® opposed this requirement. Nevada does not require any inspections at point of sale, and this would have been the only required inspection if it had passed as originally introduced.

In working with Senator Townsend and the other interested parties, an agreement was reached to allow the seller of the property to provide a 12-month average of the utility bill to give the buyer an idea of what the energy consumption of the home might be. In addition, the buyer and seller also have an option to waive this requirement.

As a REALTOR®, I am supportive of the regulation as drafted by the Nevada Renewable Energy and Energy Efficiency Authority. It accurately reflects the agreement that was reached by all parties involved during the 2007 Session. The State of Nevada is in a tough economic position. Putting any additional burdens on sellers of real property will have a negative impact on the housing market.
I am asking you to approve R148-10 as drafted. It accurately reflects the agreement that was reached in 2007 between all parties involved.