Rights, obligations and liabilities of landlord and tenant after voluntary transfer or sale of property; notice to tenant or subtenant

1. If the property in which the premises are located has been voluntarily transferred or sold, absent an agreement between the new owner and the tenant to modify or terminate an existing rental agreement: (a) The new owner has the rights, obligations and liabilities of the previous owner or landlord pursuant to this chapter under the rental agreement which the previous owner or landlord entered into with the tenant or subtenant regarding the premises; (b) The tenant or subtenant continues to have the rights, obligations and liabilities that the tenant or subtenant had pursuant to this chapter under the rental agreement which the tenant or subtenant entered into with the previous owner or landlord regarding the premises; and (c) Upon termination of the previous owner’s interest in the premises by a voluntary transfer or sale, the previous owner shall transfer the security deposit in the manner set forth in paragraph (a) of subsection 1 of NRS 118A.244. The successor has the rights, obligations and liabilities of the former landlord as to any security deposit which is owed under NRS 118A.242 at the time of transfer. 2. The new owner pursuant to subsection 1 must provide a notice to the tenant or subtenant within 30 days after the date of the transfer or sale: (a) Providing the contact information of the new owner to whom rent should be remitted; (b) Notifying the tenant or subtenant that the rental agreement the tenant or subtenant entered into with the previous owner or landlord of the premises continues in effect through the period of the tenancy and stating the amount held by the new owner for the security deposit; and (c) Notifying the tenant or subtenant that failure to pay rent to the new owner or comply with any other term of the rental agreement or applicable law constitutes a breach of the rental agreement and may result in eviction proceedings, including, without limitation, proceedings conducted pursuant to NRS 40.253 and 40.254.