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

How do I hire a lawyer to draft a real estate contract in Nebraska?

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I represent a diverse mix in a vast array of specialties, including litigation, contracts, compliance, business and financial strategies, and emerging industries. Credit for this foundation of strength goes to those who taught me. Skilled professors and professionals fostered my powerful educational and professional background. Prior to law school, I earned dual Bachelor’s degrees in Business Administration & Accounting from Peru State College. I received a Master of Business Administration degree from Chadron State College. My ambitions did not stop there. While working full time as a Senior Accountant for the University of Missouri, Columbia, I achieved the lifelong goal of becoming a licensed Certified Public Accountant (CPA). Mizzo provided excellent opportunities and amazing experiences. Managing over $50M in government and private research funding was a gift. As a high ranking professional in the Department of Research, I was given priceless insight into the greatest scientific, journalistic, medical, and legal minds in the world. My passion for successful growth did not, and has not stopped. I graduated summa cum laude (top 3%) with a Doctorate in Law, emphasizing in urban, land use and environmental/toxic tort law from the University of Missouri, Kansas City. This success lead to invaluable experiences of serving as Hon. Brian C. Wimes' judicial clerk for the U.S. District Court for the W. D. of Missouri, as a staff editor/writer for UMKC Law Review, and as a litigation and transactional attorney with Lathrop GPM (fka Lathrop & Gage). My professional and personal network is expansive, with established relationships throughout the U.S. and overseas. Although I engage in legal practice all over the country, I maintain law licenses in Missouri, Kansas, and Nebraska. Federally, I hold licenses in the W.D. and E.D. of Missouri and the District of Nebraska. To offer extra value, efficiency, and options, I maintain a CPA license and am obtaining a real-estate brokerage license.

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Real Estate

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Asked on Mar 24, 2022

How many years does a quick claim become effective?s

Number of years for quick claim to be effect ive

Meghan T.

Answered Mar 29, 2022

A quit claim deed is effective upon execution so long as the deed is dated as of the date of signature. Execution means that the deed is signed, in front of a witness and a notary. The witness and notary must also sign the deed. Finally, the deed must be recorded. This means that the deed must be submitted to the Superior Court recording office of the County in which the property sits. Please let me know if you have any questions. Thanks, Meghan K Thomas

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Asked on Mar 18, 2022

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Asked on Mar 27, 2022

what is better to buy land or rent for construction in US?

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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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Real Estate

Real Estate Contract

New York

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.

Jane C.

Answered Jan 11, 2022

I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.

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