LANDLORD’S, OWNER’S AND CONTRACTORS
DO YOU KNOW THE REQUIREMENTS OF NRS 108.2403?
Most Tenant Improvement projects fall under this statute. If you have a lease and a landlord ,Nevada Law requires that prior to the work being started you either;
Record a notice of posted security (surety bond) with the county recorder of the county where the property is located upon which the improvement is or will be constructed, altered or repaired. The surety bond must be in an amount no less than 1.5 times the amount of the construction contract. You must also notify each person who gives the lessee the notice of right to lien of the recording of the surety bond within 10 days after receipt of the notice of right to lien; or
Establish and fund a construction disbursement account . Fund the account is an amount equal to the total cost of the work of improvement, but in no event less than the total amount of the prime contract and obtain the services of a construction control to administer the construction disbursement account. You must also notify each person who gives the lessee a notice of right to lien of the establishment of the construction disbursement account within 10 days after receipt of the notice of right to lien.
You should notify your landlord within 5 days of entering into the construction contract. In doing this it provides the landlord the benefit of recording a notice of non-responsibility by complying with the requirements of NRS 108.234(4).(b).
VOUCHER CONTROL (CONSTRUCTION DISBURSEMENT ACCOUNT)
NCS is your link between lenders, borrowers, owners, and contractors!
We are a necessary objective party acting on the owner ,lender, contractor and landlord’s.
We disburse and monitor your construction funds for Full Voucher projects.
We provide up to date accounting and reporting of funds disbursed.
We safeguard against possible liens by collecting material and labor releases prior to disbursing funds.
We regularly inspect your jobsite to ensure labor & materials for which payment is requested has been provided.
We disburse funds directly to the subcontractors/suppliers ~ We process 1099 reporting for all funds disbursed.
NEVADA CONSTRUCTION SERVICES will act as an unbiased third party to professionally administer the disbursement of funds, process pay requests, collect mechanic lien releases and perform progress site inspections. We are located in Reno and Las Vegas and have been in business for 25 years.
We carry errors and omissions insurance coverage and the required NRS 627 Construction Control Bond.