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.
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Federal law (42 U.S. Code § 4852d) requires sellers to disclose any known lead hazards for homes built before 1978.
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The seller must provide a disclosure statement detailing the property's condition and any material 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.
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