A nevada residential purchase agreement is a document that contains all of the terms and conditions of a transaction involving the sale of a home. TIME: Time is of the essence in the performance of obligations contained in this contract.NEVADA LAW: Nevada law governs this contract. (Joint Escrow Instructions). 1. What is a Nevada Real Estate Contract? This contract includes the purchase price, financing details, deposit amount, closing date, and any other stipulations. A Nevada purchase agreement establishes the terms of a real estate transaction. It is good practice to provide the information statement no later than 5 days before the contract becomes binding on the buyer in any type of transaction.