An Nebraska residential real estate purchase agreement (“Contract for Sale and Purchase of Real Estate”) is a contract which commits a buyer to an offer to purchase real estate, according to specific terms agreed by the buyer and seller. Negotiated specifics include the purchase price, financing method, closing date, and more.
Do Sellers in Nebraska Have To Disclose Property Defects?
Nebraska does require real estate sellers to disclose any material defects with a property. In most cases, this is through a standardized disclosure form provided by statute.
By mutual agreement, it may be possible to waive the use of a standard form and handle required disclosures another way. However, the seller always has a duty to disclose all material defects that are not obvious on a careful lay inspection of the property, even if the buyer agrees to take the property “as-is.”
The basic duty to disclose cannot be waived under any circumstances, unless the sale falls under a recognized legal exemption. Nebraska exempts the following common transfers, among others, from the disclosure form requirement:
- Court-ordered sales and transfers
- Sales by foreclosure or other debt default
- Transfer as part of the execution of a will or estate
- Transfer to a spouse, parent, or child
- Transfers to or from a government entity
Required Seller Disclosures in Nebraska
Nebraska sellers of residential real estate must make the following disclosures, as appropriate, in order for a real estate purchase agreement to be considered legally binding:
- Seller’s Property Condition Disclosure Statement: Discloses material defects with a property that are known to the seller at the time of sale, and details any potential issues and conditions that may affect the value of the property. Nebraska law requires sellers to complete the Nebraska Real Estate Commission Seller Property Condition Disclosure Statement.
- Condominium Unit: A condo 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 constructed earlier than 1978 must come with a disclosure upon the transfer of the property which includes any information about the presence of lead on the premises, as well as educational materials that communicate the health risks associated with lead exposure.
- Sanitary and Improvement District: If the home for sale is located within a SID, the vendor must provide the purchaser with the most recent statement containing information about the individuals in charge of governing the district.
Sources
- 1 Neb. Rev. Stat. §§ 76-2,120(6)
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This section shall not apply to a transfer:
(a) Pursuant to a court order, a foreclosure sale, or a sale by a trustee under a power of sale in a deed of trust;
(b) By a trustee in bankruptcy;
(c) To a mortgagee by a mortgagor or successor in interest or to a beneficiary of a deed of trust by a trustor or successor in interest;
(d) By a mortgagee, a beneficiary under a deed of trust, or a seller under a land contract who has acquired the real property at a sale conducted pursuant to a power of sale under a deed of trust, at a sale pursuant to a court-ordered foreclosure, or by a deed in lieu of foreclosure;
(e) By a fiduciary in the course of the administration of a decedent’s estate, guardianship, conservatorship, or trust except when the fiduciary is also the occupant or was an occupant of one of the dwelling units being sold;
(f) From one or more co-owners to one or more other co-owners;
(g) Made to a spouse or to a person or persons in the lineal line of consanguinity of one or more of the transferors;
(h) Between spouses resulting from a decree of dissolution of marriage or a decree of legal separation or from a property settlement agreement incidental to such a decree;
(i) Pursuant to a merger, consolidation, sale, or transfer of assets of a corporation pursuant to a plan of merger or consolidation filed with the Secretary of State;
(j) To or from any governmental entity;
(k) Of newly constructed residential real property which has never been occupied; or
(l) From a third-party relocation company if the third-party relocation company has provided the prospective purchaser a disclosure statement from the most immediate seller unless the most immediate seller meets one of the exceptions in this section. If a disclosure statement is required, and if a third-party relocation company fails to supply a disclosure statement from its most immediate seller on or before the effective date of any contract which binds the purchaser to purchase the real property, the third-party relocation company shall be liable to the prospective purchaser to the same extent as a seller under this section.
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