§ 76-3111 — Contract for sale of real property subject to private transfer fee obligation; requirements; failure to disclose; rights of buyer

Nebraska § 76-3111

• Jurisdiction: Nebraska
• Ch. 76: Real Property

Text

(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.
(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.

Legislative History

Source: Laws 2011, LB26, § 11.