Maria is purchasing a rural property in Elko County, Nevada, that includes a well. The seller's listing does not mention water rights. Which of the following actions should Maria's agent advise her to take before closing?
Correct Answer
B) Verify that the purchase agreement explicitly includes the water rights and confirm the well permit status with the Nevada Division of Water Resources
Because water rights in Nevada are separate from land ownership and are not automatically conveyed with the deed, Maria's agent must ensure the purchase agreement explicitly includes the transfer of water rights. Additionally, confirming the well permit status with the Nevada Division of Water Resources is essential to verify the right to use the water is valid and in good standing. Failure to address this could leave Maria owning land without legal access to the water supply.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
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