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When it comes to buying or selling property in Nebraska, the Real Estate Purchase Agreement form plays a crucial role in facilitating a smooth transaction. This legally binding document outlines the terms and conditions agreed upon by both the buyer and the seller, ensuring that each party understands their rights and obligations. Key components of the agreement include the purchase price, financing details, and the timeline for closing the deal. Additionally, it addresses contingencies, such as inspections and appraisals, which protect the interests of both parties. By clearly delineating the responsibilities of each party, the form helps to minimize misunderstandings and disputes that may arise during the transaction process. Understanding the intricacies of this agreement is essential for anyone looking to navigate the Nebraska real estate market effectively.

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Nebraska Real Estate Purchase Agreement

This Real Estate Purchase Agreement ("Agreement") is made on this _____ day of ___________, 20___, by and between _________________________ ("Seller") and _________________________ ("Buyer"), collectively referred to as "the Parties." This Agreement is subject to the laws of the State of Nebraska and is intended to sell real property as described below.

1. Property Description

The real property subject to this Agreement is located at _________________________, in the County of _________________________, State of Nebraska, and is legally described as _________________________ ("Property"). The Property includes all improvements, fixtures, and appurtenances thereto.

2. Purchase Price and Terms

The purchase price for the Property is $_________________________ and is payable as follows:

  1. Initial deposit of $_________________________ to be held in escrow upon execution of this Agreement.
  2. Additional deposit of $_________________________ to be paid on _________________________.
  3. The balance of the purchase price to be paid at closing in the form of cashier's check, wire transfer, or as otherwise agreed by the parties.

3. Closing and Possession

Closing shall occur on _________________________, at which time possession of the Property shall be transferred to the Buyer, subject to the terms and conditions of this Agreement.

4. Inspections

Buyer shall have the right to inspect the Property within _________________________ days following the execution of this Agreement. Should the Property fail to meet the Buyer's standards, Buyer may terminate this Agreement in writing, in which case the deposit shall be refunded in full.

5. Title and Closing Costs

The Seller shall provide a clear and marketable title to the Property at their own expense. All closing costs associated with the sale, excluding Broker fees, will be shared equally between Buyer and Seller, unless otherwise agreed upon.

6. Real Estate Taxes

All real estate taxes on the Property up to the date of closing shall be the responsibility of the Seller. Any taxes thereafter shall be the responsibility of the Buyer.

7. Default

If either party fails to fulfill their responsibilities by the agreed closing date, the non-defaulting party shall have the right to terminate this Agreement and may seek any legal remedies available under Nebraska law.

8. Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the State of Nebraska.

9. Acknowledgement

By signing below, the Parties acknowledge and agree to all terms and conditions outlined in this Agreement.

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

Seller's Signature: ______________________________________ Date: _________________

Buyer's Signature: ______________________________________ Date: _________________

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Document Features

Fact Name Description
Governing Law The Nebraska Real Estate Purchase Agreement is governed by Nebraska state law.
Parties Involved The agreement typically involves a buyer and a seller of real estate.
Property Description A detailed description of the property being sold is required.
Purchase Price The total purchase price must be clearly stated in the agreement.
Earnest Money The agreement often includes a section about earnest money, which shows the buyer's commitment.
Contingencies Common contingencies include financing, inspections, and the sale of the buyer's current home.
Closing Date The agreement specifies a closing date, which is when the property transfer takes place.
Signatures Both parties must sign the agreement for it to be legally binding.
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