A real estate purchase agreement can make a real estate transaction easier and legally binding. Therefore, anyone planning to sell or buy a property should know how to draft and what to include in this document.
If you're looking for that information, you've come to the right place! Here's everything you need to know!
Nebraska Real Estate Purchase Agreement
In Nebraska – where it's also known as "residential purchase and sale agreement" – this document outlines the terms and obligations that both buyers and sellers must comply with in order to transfer ownership of real property. In addition, this contract includes the following details:
- Buyers' and sellers' names
- Proposed purchase price
- Closing date
- The legal description of the property
- Financial information, including whether the purchase will be contingent on the sale of another unit or building
- Terms of purchase
Before signing this real estate purchase agreement, both parties should review the contract and the conditions set there. In addition, the seller has until the closing date to submit a counter-offer before transferring ownership of the property. During this period, the buyer may also inspect the property to determine if they're completely comfortable living there.
Most real estate purchase agreements include details about a property's conditions since states often require sellers to disclose that information. In Nebraska, the law establishes a similar procedure. Therefore, they should make some disclosures before signing a real estate contract. These are:
Property Disclosure Statement
Sellers must provide potential buyers with a written statement describing the property's condition and any defects it has. It should also disclose the electrical, cooling and healing, and water systems' conditions.
This disclosure statement should also include whether there are any environmental hazards and zoning restrictions before completing the purchase and sale agreement. However, buyers are encouraged to perform inspections to determine if they're completely comfortable purchasing the property.
Lead-Based Paint Disclosure
Those who sell a property should also disclose the potential dangers posed by lead-based paint exposure. However, it only applies to units or buildings built in 1978 or earlier. In these cases, the seller must also give the buyer an EPA-provided brochure describing the measures they can take to minimize risks.
Sanitary and Improvement District
Sellers must also provide the buyer with the latest filed statement if the unit or building for sale is located in a Sanitary and Improvement District (SID). Buyers should also be informed that properties in SID aren't within the municipality's corporate limits, and people living there aren't eligible to vote in the municipal election.
Finally, the seller or any person acting on their behalf must provide the prospective buyer with a copy of the public offering statement explaining the condominium project's functions.
A Nebraska real estate purchase agreement can make buying or selling property easier and completely legal. Do you want to leverage this instrument to optimize this process? Doorloop has all the tools you need!
Our website has eviction notices, property management agreements, rental applications, and other free forms you can use if you own or want to buy a Nebraska property. Plus, you can find valuable information on squatters' rights, eviction laws, and more!
What Should I Include in a Nebraska Purchase and Sale Agreement?
If you want to make a real estate transaction and have a legally binding contract, you must add potential buyers' personal information, a legal description of the property's condition, a closing date, and required disclosures.
Can a Buyer Cancel a Nebraska Real Estate Agreement?
Yes, they can. Whether the seller rejects the original offer or doesn't make a counter-offer, buyers can exit a Nebraska real estate contract at any time.
What Is the Effective Date of a Nebraska Real Estate Contract?
In Nebraska, the effective date for real estate purchase contracts is when buyers and sellers reach an arrangement on the purchase's terms.
Can a Seller Exit a Purchase and Sale Agreement in Nebraska?
Yes, they can! Sellers can exit these contracts if buyers don't meet the contingencies.