Nebraska Real Estate Purchase Agreement

In Nebraska, a document known as a residential real estate purchase agreement, or a real estate contract, is created when one party wishes to sell a property and another party expresses their intent to purchase it.

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Nebraska Real Estate Purchase Agreement

Creating a Real Estate Purchase Agreement in Nebraskabegins when the prospective buyer makes an offer. If the seller agrees to this offer, the two parties can discuss and adjust the contract terms. Once the Nebraska Real Estate Purchase Agreement is written down and signed by both parties, it becomes a legally binding document that the law can enforce.

Ensure you adhere to the state laws with our legitimate Nebraska Real Estate Purchase Agreement template.

In the state of Nebraska, it’s mandatory for all real estate purchase agreements to include the following information:

  • The agreement must involve parties with the legal capacity to agree.
  • There must be an offer, its acceptance, and consideration involved.
  • Both parties should have the intention to be bound by the contract.
  • The contract must serve a lawful purpose.

The court could declare the real estate purchase agreement null and void if these details are missing. In Nebraska, it’s usual for the real estate agent representing the buyer to draft the real estate contract. Since real estate agents aren’t lawyers, they don’t have the authority to create new agreements. They must utilize contract templates.

A document known as the “residential purchase agreement” is used to specify the terms and responsibilities that both the buyer and seller must adhere to for the transfer of real property ownership in Nebraska. This contract encompasses the following points:

  • The names of the buyer and seller
  • The proposed price of purchase
  • The date of closing
  • A legal description of the property
  • Financial details, including if the purchase depends on the sale of another property or building
  • The terms of purchase

Before finalizing this real estate purchase agreement, both parties must thoroughly review the contract and its stipulations. The seller has until the closing date to present a counteroffer before transferring the property ownership. During this time, the buyer can inspect the property to ensure they accept the living conditions.

Required Disclosures 

Here are the mandatory disclosures that must be included in this agreement:

  • Condo Unit: The seller or a representative acting on their behalf must provide the potential buyer with a copy of the public offering statement. This document outlines the workings of the condominium project.
  • Lead-Based Paint Disclosure: For homes built before 1978, a federally mandated disclosure is necessary. This requires the property’s transferor to provide the transferee with any documents or records related to the presence of lead paint on the property.
  • Sanitary and Improvement District (SID): If the property for sale is within a SID, the seller must provide the buyer with the latest statement. This statement contains information about the current individuals governing the district.
  • Seller Property Condition Disclosure: The individual(s) intending to sell their home must complete a disclosure statement. This statement overviews the property’s current state and highlights any significant structural defects.