Nebraska Seller Property Condition Disclosure
Nebraska requires sellers of residential property to disclose the condition of the property. This chapter covers the Seller Property Condition Disclosure Statement and the licensee's role.
The Disclosure Statement
Nebraska law generally requires a seller of residential real property to complete and deliver a Seller Property Condition Disclosure Statement describing the known condition of the property's structure, systems, and other features. The statement is the seller's representation and gives the buyer information about the property before purchase.
Timing and the Buyer's Rights
The disclosure statement is to be provided to the buyer within the time the statute requires in connection with the sale. If the statement is not timely provided, the statute may give the buyer certain rights. Licensees should ensure the seller completes the statement so the transaction can proceed without dispute over disclosure.
The Licensee's Independent Duty
Regardless of the seller's statement, a Nebraska licensee must disclose known material defects to a buyer and must not help conceal them. The disclosure form belongs to the seller, but the licensee's duty of honesty and disclosure of known material facts is independent. Proper handling of disclosures reduces the firm's liability.