A Nebraska residential real estate purchase agreement is a legally binding contract that outlines the terms, price, and obligations of both the buyer and seller during a residential real estate transaction. This agreement is used by the buyer to make an initial offer, including the proposed purchase price, legal property description, earnest money deposit, and closing date.
It also details financing contingencies, preferred closing period, and the due diligence timeline. Multiple offers and counter-offers may be exchanged, resulting in several revisions before the final terms are agreed upon. Once signed by both parties, the agreement cannot be terminated unless mutually agreed, and the property title is officially transferred to the new owner.
State Laws
- Sanitary and Improvement District (SID): If a property is in a Sanitary and Improvement District (SID), the seller must give the buyer the latest statement and inform them that SID properties are outside municipal limits, residents cannot vote in municipal elections, and access to municipal services is limited until annexation. [1]
- Condo Unit: The seller (or their representative) must give the buyer a copy of the public offering statement detailing the condominium project. [2]
Required Seller Disclosures
Lead-Based Paint Disclosure
Federal law (42 U.S. Code § 4852d) requires sellers to disclose any known lead hazards for homes built before 1978.
Property Disclosure Statement
The seller must provide a disclosure statement detailing the property's condition and any material defects.
Do Sellers in Nebraska Have to Disclose Property Defects?
Yes, Nebraska requires real estate sellers to disclose material defects. In some states (caveat emptor), sellers don’t have to disclose all defects, leaving buyers responsible for inspections. If buyers in these states don’t properly inspect, they might not have legal recourse to reverse the transaction.
