Nebraska real estate laws are governed by the Nebraska Real Estate License Act and Regulations along with the Nebraska Statutes and the Nebraska Administrative Code.
Nebraska real estate laws help both home buyer and seller conduct a real estate agreement between themselves. Like in other states, there are legal and commercial procedures required to complete the process. As a result, these procedures can be tricky for home buyers to understand. However, we are here to help. Most home buyers want to know about seller disclosure and the remedies if the seller fails to disclose.
The Nebraska Statutes and the Nebraska Real Estate Commission changed the Nebraska Disclosure Law in 2012 and 2017. Following these changes, the disclosure form also changed.
Firstly, according to Section 76-2,120 of the Nebraska Revised Statutes and Title 302 of the Nebraska Real Estate Commission, the seller should disclose any property defects to the potential buyer.
What must the seller disclose under Nebraska real estate laws?
In Nebraska, the seller of the home or property must fill in a Nebraska Real Estate Commission disclosure form. The form has four pages and consists of three parts. The seller has to answer ‘Yes’ or ‘No’. If they want to add any more details, the seller has to them write them in the provided part of the form.
The seller has to disclose whether there any defects in:
- Any appliances
- The electric system
- Either the heating or cooling system
- The water System.
- The structure of the building
- The sewer system
- The title of the home or the property
- The cleaning system
The seller must also disclose whether:
- There are any problems or any history of recent repairs to the roof
- The home seller had any issues with homeowner associations
- There are any environmental hazards like radon gas or asbestos in the home
This four-page form will help the potential buyer learn about the actual condition of the home or the property. The buyer will finally get a complete synopsis of the home or property by this disclosure form.
Under Nebraska real estate laws, if the seller fails to disclose the home or property’s defects, then the buyer may file a lawsuit against the seller or the agent.
If you have any further queries about the Nebraska real estate laws and how to get remedies for any breach of a real estate contract, then please do contact our learned lawyer.