Nebraska Laws
Requirement to Record: An option to purchase real estate is not legally required to be recorded but does not establish notice to third parties unless it is.[1]
Expiration: 10 years after the maturity of the contract. If there is no discernible date of maturity, then 30 years after the creation of the contract.[2]
Maximum Term: There is no maximum term for a residential lease with an option to purchase.
No Duration: An option without an expiration date will automatically expire with the lease it is connected to.
Signing Requirements: Must be in writing and signed by the seller.[3]
Required Disclosures (2)
1. Identification – Tenants must be made aware of who is authorized to enter the premises with the appropriate amount of notice and of their addresses.[4]
2. Lead-Based Paint Disclosure & EPA Pamphlet – If the property was built before 1978, then the landlord must disclose that there could be lead-based paint on the walls or ceiling.
Seller’s Disclosures (1)
1. Seller’s Property Condition Disclosure Statement (required) – Buyers must be given a written statement describing the property’s condition before the purchase agreement becomes effective.[5]