Learn About The Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 01, 2024 | Updated by Findlaw Staff
(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.
Cite this article: FindLaw.com - Nebraska Revised Statutes Chapter 76. Real Property § 76-2720. Equity purchase contract; contents; notice - last updated January 01, 2024 | https://codes.findlaw.com/ne/chapter-76-real-property/ne-rev-st-sect-76-2720/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)