Nev. Rev. Stat. § 375.10 — Definitions

1.  The following terms, wherever used or
referred to in this chapter, have the following meaning unless a different
meaning clearly appears in the context:
(a) “Buyer” means a person or other legal entity
acquiring title to any estate or present interest in real property in this
State by deed, including, without limitation, a grantee or other transferee of
real property.
(b) “Deed” means every instrument in writing,
whatever its form and by whatever name it is known in law, by which title to
any estate or present interest in real property, including a water right,
permit, certificate or application, is conveyed or transferred to, and vested
in, another person, except that the term does not include:
(1) A lease for any term of years;
(2) An easement;
(3) A deed of trust or common-law mortgage
instrument that encumbers real property;
(4) A last will and testament;
(5) A distribution of the separate
property of a decedent pursuant to chapter 134
of NRS;
(6) An affidavit of a surviving tenant;
(7) A conveyance of a right-of-way; or
(8) A conveyance of an interest in gas,
oil or minerals.
(c) “Escrow” means the delivery of a deed by the
seller into the hands of a third person, including an attorney, title company,
real estate broker or other person engaged in the business of administering
escrows for compensation, to be held by the third person until the happening of
a contingency or performance of a condition, and then to be delivered by the
third person to the buyer.
(d) “Land sale installment contract” means any
agreement between a seller and a buyer of real property located in this State
pursuant to which the buyer gives and the seller receives the consideration
paid in multiple payments during a specified period and the seller retains
title to the real property that is the subject of the agreement until the full
contract price is paid, at which time title to the real property is transferred
by an instrument in writing from the seller to the buyer. The term does not include
a deed of trust or common-law mortgage instrument that encumbers real property
or an option to purchase real property.
(e) “Seller” means a person or other legal entity
transferring title to any estate or present interest in real property in this
State by deed, including, without limitation, a grantor or other transferor of
real property.
(f) “Value” means:
(1) In the case of any deed which is not a
gift, or a land sale installment contract, the amount of the full purchase
price paid or to be paid for the real property.
(2) In the case of a gift, or any deed
with nominal consideration or without stated consideration, the estimated fair
market value of the property.
2.  As used in paragraph (f) of subsection
1, “estimated fair market value” means the estimated price the real property
would bring on the open market in a sale between a willing buyer and a willing
seller. Such price may be derived from the assessor’s taxable value or the
prior purchase price, if the prior purchase was within the 5 years immediately
preceding the date of valuation, whichever is higher.