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.
Required Seller Disclosures in Nebraska
Residential real estate purchase agreements commonly contain promises and provisions guaranteeing a property’s condition. Many states legally require sellers to disclose explicit information concerning a property’s condition. In states where this is required and a seller willfully hides such information, they can be sued for fraud.
In Nebraska, sellers are required to complete a real estate purchase agreement and the following disclosure statement in order for the agreement to be considered legally binding:
Seller’s Property Condition Disclosure Statement. Nebraska law requires sellers to complete the Nebraska Real Estate Commission Seller Property Condition Disclosure Statement. This statement is a disclosure of the condition of the real property known by the seller. It is not a warranty of any kind by the seller. (§ 76-2,120)