Nebraska Residential Purchase and Sale Agreement

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Nebraska Residential Purchase and Sale Agreement

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Last updated January 23rd, 2023

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The Nebraska residential purchase and sale agreement is used by the buyer of a home to propose an initial offer on a property and initiate the negotiation process. The agreement serves as a means of communication between the buyer and seller, conveying information such as the proposed purchase price, the legal description of the property, and any factors that will allow the buyer to finalize the purchase (e.g., financing or if the purchase is contingent on the sale of another property).

Several offers and counter-offers may be relayed between both parties throughout the negotiations, and thus multiple revisions of the agreement form may be drafted before the final terms and conditions of the sale are realized. A purchase agreement is legally binding once the form is completed and signed by both parties, upon which the property title is officially transferred to the new owner.

Contents

Realtor Version

Nebraska Realtors Residential Purchase Agreement – Prepared by the Nebraska Realtors Association®, this form can be used by its licensed members to negotiate and transfer the ownership of homes in the state of Nebraska.

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Required Disclosures (3)

Lead-Based Paint (§ 76 2,120(2)) – Not applicable to homes built after 1978, this disclosure requires sellers of older property to inform potential buyers of the dangers associated with residing in a home containing traces of lead-based paint. The seller should also provide the EPA provided brochure detailing the hazards of lead-based paint and the safety measures that can be used to minimize its risks.

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Property Disclosure Statement – To comply with state laws, a written statement disclosing the property’s condition and defects, the condition of its electrical, heating/cooling, and water systems, the presence of environmental hazards, and zoning restrictions must be provided to the buyer before entering into any purchase agreement. Nonetheless, the disclosure statement is not a substitute for a property inspection or warranty, and buyers are urged to thoroughly inspect the premises for any adverse material facts that may impact their purchasing decision.

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Sanitary and Improvement District (§ 31-727.03(2)) – If a property is located in a Sanitary and Improvement District (SID), the seller must provide the buyer the latest statement filed in accordance with section § 31-727.03, as well as inform the buyer that residences in a SID are not within the corporate limits of any municipality, nor are residents eligible to vote in municipal elections. Furthermore, the seller must disclose that access to services provided by nearby municipalities is limited until or unless the property is annexed by the municipality.

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