Nebraska Conditional Sales Contract
Description
How to fill out Conditional Sales Contract?
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FAQ
Conditional offers are used in real estate transactions whereby a buyer's offer on a home is contingent on something getting done for the purchase to go through. In other words, something has to occur before a sales transaction is finalized.
For example, the buyer has specific obligations called contingencies, which include things such as loan approval, home inspection, and a home appraisal. If the buyer fails to meet these contingencies by a designated date, the seller can cancel the agreement and then accept another offer.
Conditional contracts are used to add conditional terms to the exchange of contracts. Typically they are used when buying or selling land. Unconditional contracts mean the buyer and seller are legally obligated to exchange contracts without any conditions, such as a cooling-off period or survey results.
The seller can back out for reasons written into the contract, including (but not limited to) contingencies. The buyer is in breach of the contract. If the buyer is ?failing to perform? ? a legal term meaning that they're not holding up their side of the contract ? the seller can likely get out of the contract.
An exclusive right to sell is a listing agreement where the seller designates a single broker to market and sell their property. If during this period the property is sold by the designated broker, the seller owes the commission and brokerage fee to the agent.
You can back out of a conditional offer without penalty if the criteria is not met. In a seller's market, buyers have less negotiating power and can't demand many conditions.
Broadly, a conditional contract is a contract that is subject to one or more conditions in the contract of sale. If a condition in the contract is not met, then either one or both of the buyer or seller will be able to terminate the contract.
Disclosure Laws in Nebraska for Home Sales § 76-2,120. That statute says that every Nebraska seller must give the purchaser a "written disclosure statement of the real property's condition." The law applies both to outright sales and to leases with an option to purchase.
