To direct the Secretary of the Interior, acting through the Bureau of Land Management and the Bureau of Reclamation, to convey, by quitclaim deed, to the City of Fernley, Nevada, all right, title, and interest of the United States, to any Federal land within that city that is under the jurisdiction of either of those agencies.

Directs the Secretary of the Interior, if the Secretary receives an offer from the city of Fernley, Nevada, to purchase identified federal land within the city, acting through the Bureau of Land Management (BLM) and the Bureau of Reclamation, to convey to the city all interest of the United States in such land in exchange for consideration in an amount equal to the fair market value of the land.

Requires the Secretary to determine the fair market value of the federal land based upon an appraisal conducted according to nationally recognized appraisal standards.

Permits the city and the Bureau of Reclamation to retain easements or rights-of-way on the federal land to be conveyed, including easements or rights-of-way that are necessary to carry out the operation and maintenance of the Truckee Canal Irrigation District Canal or the Newlands Project.

Requires the city to pay or reimburse the Secretary, as appropriate, for reasonable transaction and administrative personnel costs associated with such conveyance, including the costs of appraisal, title searches, maps, and boundary and cadastral surveys.

Releases the United States from all liabilities or claims of any kind or nature arising from the presence, release, or threat of release of any hazardous substance, pollutant, contaminant, petroleum product (or derivative of a petroleum product), solid waste, mine materials, or mining related features existing on the federal land.