Nebraska Real Estate Contract: Different Types and Key Terms to Include

Quick Facts — Real Estate Contract Lawyers

What is a Nebraska Real Estate Contract?

A Nebraska real estate contract also called a residential real estate purchase and sale agreement, is a contract that is executed between a party selling a property and a party who is offering to buy the property.

A real estate contract is drafted when the buyer makes an offer. Once the seller accepts the offer, the terms of the contract can be negotiated. The contract becomes legally binding and enforceable when it is in writing and signed by the parties.

Common Nebraska Real Estate Contracts

The most common Nebraska real estate contract is the Nebraska Real Estate Commission contract. This form is used by all realtors who are members of the Nebraska Realtors Association.

Other common contracts you may use in Nebraska include:

  • Commercial real estate contract. This contract is used when buying or selling commercial property that will be used for a business.
  • Contracts for deed. A contract that allows a buyer to make installment payments to the seller until the property is paid in full.

4 Essential Elements of a Nebraska Real Estate Contract

All real estate contracts in Nebraska must contain the following 4 essential elements:

  1. Parties who are legally competent to enter an agreement
  2. An offer, acceptance of the offer, and consideration
  3. The intent of both parties to enter the contract
  4. A legal purpose

Without these elements, a real estate contract could be deemed void in court.

Who Prepares a Real Estate Contract in Nebraska?

In Nebraska, it is common for the buyer’s real estate agent to prepare the real estate contract. Real estate agents are not attorneys so they cannot create new contracts. They are required to use contract templates like the one provided by the Nebraska Real Estate Commission.

Frequently Asked Questions

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Asked on Dec 26, 2021

Can you purchase or refinance under a land contract?

I’ve been living here for 2 years. Currently have been working with my credit union and they are having a terrible time trying to understand the legalities of my land contract first off, and secondly they just don’t seem to know what they are doing. It’s been over 8 months, 4 different loan officers and I’m once again waiting for someone else to help finish this thing out. It’s only $60,000 with a $120,000 appraisal. So, as of now I am stuck paying 2.5x monthly under this land contract than I was promised would be an easy mortgage process. So any guidance in the right direction would be very helpful. It’s a New York home. 20 yr fixed, no balloon, with a (brace yourself) 12% apr. HELP ME PLEASE! One month I’m being told to authorize a credit check for a first time homebuyer grant method of mortgaging this property. The next it’s authorizing it for a refinance. I do have earnest money deposits for over $3,000 and another $3000 paid towards principal under this land contract also.

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I suppose it doesn't matter if you have the lease giving you permission and the lease is long enough to justify the building expense when you won't own it. But I'd buy the land so you could eventually sell the property with the building on it.

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Hi. The cost for my practice to prepare a Quit Claim Deed is $99. The Cost for me to handle the closing is $250 plus recording fees. These costs apply for any county within the state of Georgia. Let me know if you have any more questions. Meghan K Thomas

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