In Nebraska, which of the following parties is responsible for completing the Seller Property Condition Disclosure Statement?
Correct Answer
A) The seller, based on the seller's actual knowledge of the property's condition
Under the Nebraska Seller Property Condition Disclosure Act (Neb. Rev. Stat. §§ 76-2,120 to 76-2,130), it is the seller who must complete the disclosure statement. The statement is based on the seller's actual knowledge of the property's condition. It is a personal statement from the seller and cannot be completed by the listing broker, a home inspector, or any other party on the seller's behalf.
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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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- → A Rhode Island licensee encounters a listing contract is drafted. What should the licensee remember?
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