Under the Nebraska Seller Property Condition Disclosure Act, all of the following statements about the disclosure requirement are correct EXCEPT:
Correct Answer
D) The buyer and seller may mutually agree in writing to waive the disclosure requirement
Under the Nebraska Seller Property Condition Disclosure Act (Neb. Rev. Stat. §§ 76-2,120 to 76-2,130), the disclosure requirement cannot be waived by mutual agreement of the buyer and seller. This is a mandatory statutory requirement, and unlike some other states where disclosure can be waived by sophisticated parties, Nebraska law does not permit waiver of this obligation. The statement in option C is therefore incorrect — making it the answer to this EXCEPT question.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
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