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
Along with any material defects with the property, sellers in Nebraska will also need to provide the following:
- 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.
