Nebraska Statutes 76-3111. Contract for sale of real propertysubject to private transfer fee obligation; requirements; failure to disclose;rights of buyer
(1) Any contract for the sale of real property subject to a private transfer fee obligation shall include a provision disclosing the existence of that obligation, a description of the obligation, and a statement that private transfer fee obligations are subject to certain prohibitions under the Private Transfer Fee Obligation Act. A contract for sale of real property which does not conform to the requirements of this section shall not be enforceable by the seller against the buyer, nor shall the buyer be liable to the seller for damages under such a contract, and the buyer under such a contract shall be entitled to the return of all deposits made in connection with the sale of the real property.
Terms Used In Nebraska Statutes 76-3111
- Attorney: shall mean attorney at law. See Nebraska Statutes 49-801
- Contract: A legal written agreement that becomes binding when signed.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- 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.
- Private transfer fee: means a fee or charge payable upon the transfer of an interest in real property, or payable for the right to make or accept such transfer, regardless of whether the fee or charge is a fixed amount or is determined as a percentage of the value of the property, the purchase price, or other consideration given for the transfer. See Nebraska Statutes 76-3106
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Transfer: means sale, gift, conveyance, assignment, inheritance, or other transfer of an ownership interest in real property located in this state. See Nebraska Statutes 76-3108
(2) If a private transfer fee obligation is not disclosed under subsection (1) of this section and a buyer subsequently discovers the existence of such private transfer fee obligation after title to the property has passed to the buyer, the buyer shall have the right to recover (a) any and all damages resulting from the failure to disclose the private transfer fee obligation, including the amount of any private transfer fee paid by the buyer, or the difference between (i) the market value of the real property if it were not subject to a private transfer fee obligation and (ii) the market value of the real property as subject to a private transfer fee obligation, and (b) all attorney‘s fees, expenses, and costs incurred by the buyer in seeking the buyer’s remedies under this subsection.
(3) Any provision in a contract for sale of real property that purports to waive the rights of a buyer under this section shall be void.