Nebraska Statutes 76-2724. Equity purchase contract; provisions prohibited
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A provision in an equity purchase contract between an equity purchaser and a homeowner is void as against public policy if it attempts or purports to:
Terms Used In Nebraska Statutes 76-2724
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- 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
- Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
- Venue: The geographical location in which a case is tried.
(1) Waive any of the rights specified in sections 76-2719 to 76-2727 or the right to a jury trial;
(2) Consent to jurisdiction for litigation or choice of law in a state other than Nebraska;
(3) Consent to venue in a county other than the county in which the residence in foreclosure is located; or
(4) Impose any costs or fees greater than the actual costs and fees.