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Nebraska Statutes 76-2720 - Equity purchase contract; contents; notice

Nebraska Statutes > Chapter 76 > § 76-2720 - Equity purchase contract; contents; notice

^{Current as of: 2010}

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(1) Every equity purchase contract shall contain the entire agreement of the parties and shall include the following:

(a) The name, business address, telephone number, facsimile number, and email address of the equity purchaser;

(b) The street address and full legal description of the residence in foreclosure;

(c) Clear and conspicuous disclosure of any financial or legal obligations of the homeowner that will be assumed by the equity purchaser. If the equity purchaser will not be assuming any financial or legal obligations of the homeowner, the equity purchase contract shall so state;

(d) The total consideration to be paid by the equity purchaser in connection with or incident to the acquisition by the equity purchaser of the residence in foreclosure;

(e) The terms of payment or other consideration, including, but not limited to, any services of any nature that the equity purchaser represents will be performed for the homeowner before or after the sale;

(f) The date and time when possession of the residence in foreclosure is to be transferred to the equity purchaser;

(g) The terms of any rental agreement or lease;

(h) The specifications of any option or right to repurchase the residence in foreclosure, including the specific amounts of any escrow deposit, downpayment, purchase price, closing costs, commissions, or other fees or costs;

(i) A notice of cancellation as provided in section 76-2722; and

(j) The following notice, in at least fourteen-point, boldface type, completed with the name of the equity purchaser, immediately above the statement required by section 76-2722:

NOTICE REQUIRED BY NEBRASKA LAW

UNTIL YOUR RIGHT TO CANCEL THIS CONTRACT HAS ENDED, .................... (NAME) OR ANYONE WORKING FOR .................... (NAME) CANNOT ASK YOU TO SIGN OR HAVE YOU SIGN ANY DEED OR ANY OTHER DOCUMENT.

(2) The equity purchase contract required by this section survives delivery of any instrument of conveyance of the residence in foreclosure, but does not have any effect on persons other than the parties to the contract or affect title to the residence in foreclosure.

Laws 2008, LB123, § 20.Effective Date: July 18, 2008