Nebraska Statutes 76-2720. Equity purchase contract; contents; notice
(1) Every equity purchase contract shall contain the entire agreement of the parties and shall include the following:
Terms Used In Nebraska Statutes 76-2720
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Equity purchase contract: means an agreement between an equity purchaser and a homeowner pertaining to the acquisition of title to the homeowner's personal residence. See Nebraska Statutes 76-2705
- Equity purchaser: means a person who, in the course of the person's business, vocation, or occupation, acquires title to a residence in foreclosure. See Nebraska Statutes 76-2706
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Homeowner: means the owner of a residence in foreclosure, including a vendee under a contract for deed to real property as defined in section 45-1002. See Nebraska Statutes 76-2711
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Residence in foreclosure: means a residence or dwelling that is occupied as the homeowner's principal place of residence and against which any type of foreclosure action, including, but not limited to, the filing of a notice of default of a deed of trust or the filing of a lawsuit to foreclose a mortgage or other lien, has been commenced. See Nebraska Statutes 76-2712
- State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801
(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.