Nebraska Statutes 76-2722. Equity purchase contract; Notice of Cancellation; form; copy provided to homeowner
(1)(a) The equity purchase contract shall contain, as the last provision before the space reserved for the homeowner‘s signature, a conspicuous statement in at least twelve-point, boldface type, as follows:
Terms Used In Nebraska Statutes 76-2722
- Contract: A legal written agreement that becomes binding when signed.
- 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
- 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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
- United States: shall include territories, outlying possessions, and the District of Columbia. See Nebraska Statutes 49-801
YOU MAY CANCEL THIS CONTRACT FOR THE SALE OF YOUR HOUSE WITHOUT ANY PENALTY OR OBLIGATION AT ANY TIME BEFORE …………… (DATE AND TIME OF DAY). SEE THE ATTACHED NOTICE OF CANCELLATION FORM FOR AN EXPLANATION OF THIS RIGHT.
(b) The equity purchaser shall accurately specify, within the equity purchase contract, the date and time of day on which the cancellation right ends.
(c) If no right to cancel the equity purchase contract exists under the Nebraska Foreclosure Protection Act as set forth in subdivision (1)(b) of section 76-2721, the equity purchase contract shall conspicuously state that no such cancellation right exists.
(2) The equity purchase contract shall be accompanied by duplicate completed forms, captioned Notice of Cancellation in at least twelve-point, boldface type if the equity purchase contract is printed or in capital letters if the equity purchase contract is typed, followed by a space in which the equity purchaser shall enter the date on which the homeowner executed the equity purchase contract. Such form shall:
(a) Be attached to the equity purchase contract;
(b) Be easily detachable; and
(c) Contain the following statement, in at least ten-point type if the equity purchase contract is printed or in capital letters if the contract is typed:
NOTICE OF CANCELLATION
…………… (ENTER DATE EQUITY PURCHASE CONTRACT WAS SIGNED). YOU MAY CANCEL THIS CONTRACT FOR THE SALE OF YOUR HOUSE, WITHOUT ANY PENALTY OR OBLIGATION, AT ANY TIME BEFORE …………… (ENTER DATE AND TIME OF DAY). TO CANCEL THIS TRANSACTION, PERSONALLY DELIVER A SIGNED AND DATED COPY OF THIS NOTICE OF CANCELLATION IN THE UNITED STATES MAIL, POSTAGE PREPAID, TO ……………, (NAME OF PURCHASER) AT …………… (STREET ADDRESS OF PURCHASER’S PLACE OF BUSINESS) NOT LATER THAN …………… (ENTER DATE AND TIME OF DAY). I HEREBY CANCEL THIS TRANSACTION
…………… (DATE)
…………… (SELLER’S SIGNATURE).
(3) The equity purchaser shall provide the homeowner with a copy of the equity purchase contract and the attached notice of cancellation.
(4) The time during which the homeowner may cancel the equity purchase contract does not begin to run until the equity purchaser has complied with this section.