In Nevada, a contract of sale—also known as a land contract, installment sale agreement, or contract for deed—is a type of real estate agreement in which the buyer agrees to purchase property from the seller by making payments over time, but legal title does not transfer to the buyer until the full purchase price is paid.

Use: Often used when traditional mortgage financing is unavailable or when parties want to avoid conventional lenders.

Common in private sales, owner-financed deals, or situations involving lower credit buyers.

How It Is Used in Practice:
Negotiation: Buyer and seller agree on price, interest rate (if any), length of the contract, and other terms like default procedures.

Contract Execution: Both parties sign a written agreement outlining terms and responsibilities.
Contract is typically notarized and recorded to protect the buyer's interest.

Possession & Payments: Buyer usually takes possession of the property and begins making payments.
Buyer is responsible for maintenance, taxes, and insurance, as per the contract.

Default: If the buyer defaults, the contract may allow the seller to cancel the agreement, retain payments made (depending on the terms), and regain possession.
Nevada does not require judicial foreclosure in most land contracts, allowing faster remedies for sellers.

Completion: When the buyer fulfills all payment obligations, the seller is legally obligated to convey the deed/title to the buyer.
In a land contract, the seller retains legal title until the buyer pays the full price.
Because the buyer does not hold legal title, a foreclosure (which removes title) is not legally necessary.

Contractual Default Clauses: This Nevada contract include a clause stating that if the buyer defaults (misses payments, fails to insure the property, etc.), the seller can Cancel the contract.

DEFAULT BY BUYER CLAUSE (that is included): In addition to any and all other rights available according to law, if either party defaults by failing to substantially perform any material provision, term or condition of this Contract (including without limitation the failure to make a monetary payment when due), the other party may elect to cancel this Contract if the default is not cured within 30 days after providing written notice to the defaulting party. The notice shall describe with sufficient detail the nature of the default. The Seller maintains the right and authority to reclaim the Property or to foreclose on the Property if the default is not cured within 30 days.

Note: "The Seller maintains the right and authority to reclaim the Property or to foreclose on the Property if the default is not cured within 30 days."
This gives the seller two specific remedies if the buyer defaults and fails to cure it:
1. Reclaim the property – typically means canceling the contract and evicting the buyer using Nevada’s nonjudicial process (e.g., summary eviction).
2. Foreclose on the property – if the seller prefers, they can initiate judicial foreclosure (e.g., if the buyer has built up significant equity or if required under the contract).

Note: This clause is a standard but robust default clause that:
Applies to both buyer and seller;
Gives 30 days to fix a material breach after written notice;
Allows cancellation of the contract if the breach isn’t fixed;
Gives the seller the specific right to either reclaim or foreclose if the buyer defaults and fails to cure.
This approach is legally flexible, giving the seller control while protecting both parties with a clear notice-and-cure procedure.

Use for residential, rental units, vacant land, condominiums and small commercial property.
Nevada only.

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