Nebraska Real Estate Purchase Agreement

The Nebraska residential real estate purchase agreement (“residential purchase and sale agreement”) is a contract that outlines the terms, price, and obligations of both the buyer and seller during a residential real estate transaction. Once the agreement has been signed, it may not be terminated unless both parties agree.

Do Sellers in Nebraska Have to Disclose Property Defects?

Nebraska does require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.

Required Seller Disclosures in Nebraska

• Seller’s Property Condition Disclosure Statement. Nebraska law requires sellers to complete the Nebraska Real Estate Commission Seller Property Condition Disclosure Statement.
• Condominium Unit. The seller must present the prospective buyer with a copy of the public-offering statement that describes how the condominium project functions.
• Lead-Based Paint Disclosure. Any home that was constructed earlier than 1978 must come with a disclosure upon the transfer of the property that includes any data concerning the presence of lead on the premises as well as educational materials that communicate the risks involved with coming into contact with the harmful substance.
• Sanitary and Improvement District. If the home for sale is located within a SID, the vendor is responsible to provide the purchaser with the most recent statement containing information about the current individuals in charge of governing the district.

Frequently Asked Questions

How Do You Write a Real Estate Contract in Nebraska? To write a real estate contract in Nebraska, you will need to identify and document the terms and conditions of the sale. The contract should also include the names of each party and the legal property address. You can download a customizable template or write your own. Read more » How Can You Get Out of a Real Estate Contract in Nebraska? You can get out of a real estate contract in Nebraska during several stages of the buying process. First, the offer must be accepted to make it binding. If the seller rejects the offer, the buyer can make a counter-offer or leave the deal. Read more » What Is the Effective Date of a Real Estate Contract in Nebraska? In Nebraska, the effective date of a real estate contract is the date the buyer and seller agree to the terms of the contract and have it executed. All contract obligations are binding and enforceable on the effective date. Read more » Can a Seller Cancel a Real Estate Contract in Nebraska? In Nebraska, a seller can get out of a real estate contract if the buyer’s contingencies are not met—these include financial, appraisal, inspection, insurance, or home sale contingencies agreed to in the contract. Sellers might have additional exit opportunities with unique situations also such as an estate sale. Read more » How Do I Fill Out a Real Estate Contract in Nebraska? To fill out a real estate contract in Nebraska, first, download our customizable Nebraska real estate contract template. Filling out the template is fairly straightforward, complete the information for each party, including the names, party type, and address along with the terms and conditions of the deal. Read more »