CONSUMER INFORMATION -
BUYING OR SELLING A HOME
There are a great many resources available to assist Consumers in their real estate decisions and in the real estate transaction. Consumers are encouraged to access as many of these as possible in order to be fully informed when pursuing what is one of the largest purchases in their lives.
While it is not possible to include all resources, here, the following information contains a number of electronic links to other website's that you may wish to add to the resources that you have already identified. The information is categorized in the following categories:
Resources to review before you start the buying/selling process.
Resources for the selling process
Resources for the buying process
RESOURCES TO REVIEW BEFORE YOU START THE BUYING/SELLING PROCESS.
The Mission of the Nebraska Real Estate Commission is:
To protect the public interest of Nebraska citizens through the efficient and effective administration of the Nebraska Real Estate License Act and the registration of Time-Share Projects, Subdivided Land Projects, Retirement Subdivisions and Communities, and Membership Campgrounds.
Consumers are encouraged to read the Consumer Guide to Buying and Selling Homes found at: www.nrec.ne.gov/pdf/forms/cnsm.pdf as preparation for their real estate transaction.
The U.S. Department of Housing and Urban Development has a questions and answers section on available from their website about buying a new home which can be found at: https://www.hud.gov/topics/buying_a_home
RESOURCES FOR THE SELLING PROCESS
In addition to reviewing the resources listed in the section entitled: RESOURCES TO REVIEW BEFORE YOU START THE BUYING/SELLING PROCESS, it is suggested that you review the following resources.
If you are considering utilizing the services of a real estate licensee you may check the status of his/her real estate license by accessing the A Licensee and Applicant Information on the Nebraska Real Estate Commission's website. This site will also give you an indication of whether a disciplinary action has ever been taken against the individual's license. You may reach this information at: https://www.nebraska.gov/nrec/licinfodb/index.cgi.
If you contact a real estate licensee, or if a licensee contacts you, he/she should provide an informational brochure to you that describes the agency relationship he/she is offering/providing to you, this material should be provided at the earliest opportunity during or following the licensee's first substantial contact with you. A copy of the generic agency brochure can be found at: https://nrec.nebraska.gov/brokeragerelationshipinfo.html
A contractual agreement between the Seller and a real estate broker is usually referred to as a A Listing Agreement which typically does two main things. This agreement usually sets up the relationship and the compensation between the Seller and the real estate broker, who is represented by the affiliated real estate licensee who is working with you, the seller. The listing agreement sets forth the terms of the sale (price, what is and isn't included, etc) that the Seller is requesting and the duties and responsibilities of the listing licensee, also known as a seller's agent. While most real estate licensees have Listing Agreements that they routinely use, a copy of a sample Listing Agreement developed by the Nebraska Real Estate Commission is available at: https://nrec.nebraska.gov/pdf/forms/RIGHT2SL.pdf. In any event, if you have questions about a contract you should seek legal advice.
If you have questions about the duties and responsibilities of a real estate licensee with whom you are working and/or about the actions of a licensee in a real estate transaction then you may email the Deputy Director for Enforcement at: realestate.commission@nebraska.gov
If you believe that a real estate licensee has violated the Real Estate License Act or the Rules and Regulations then you may submit complaint forms to the Commission which will trigger an investigation and possibly result in disciplinary action taken against the real estate licensee's real estate license. Information regarding the complaint process may be found at: https://nrec.nebraska.gov/complaintprocedures.html
Whether utilizing a real estate licensee or selling your home yourself the law requires that if you are selling a residential property consisting of 1 to 4 units, you must provide a Seller Property Condition Disclosure Form to all potential buyers before they become obligated to buy your property. Therefore, you should fill this form out thoroughly and have it available for all interested buyers. This form can be found on the Nebraska Real Estate Commission's website at: https:/nrec.nebraska.gov/pdf/forms/spcd.pdf.
When you receive an offer to purchase your property, you have the option of accepting the offer as written, rejecting it, or making a counter offer, if you have questions about a contract you should seek advice from a real estate licensee or attorney.
Please review the section on Resources about the property and the community to access information concerning the property you are selling.
RESOURCES FOR THE BUYING PROCESS
In addition to reviewing the resources listed in the section entitled: RESOURCES TO REVIEW BEFORE YOU START THE BUYING/SELLING PROCESS, it is suggested that you review the following resources.
If you are considering utilizing the services of a real estate licensee you may check the status of his/her real estate license by accessing the Licensee and Applicant Information on the Nebraska Real Estate Commission's website. This site will also give you an indication of whether a disciplinary action has ever been taken against the individual's license. You may reach this information at: https://www.nebraska.gov/nrec/licinfodb/index.cgi.
If you contact a real estate licensee, or if a licensee contacts you, he/she should provide an informational brochure to you that describes the agency relationship he/she is offering/providing you, this material should be provided at the earliest opportunity during or following the licensee's first substantial contact with you. A copy of the generic agency brochure can be found at: https:/nrec.nebraska.gov/brokeragerelationshipinfo.html.
A contractual agreement between the buyer and the real estate licensee is NOT required in Nebraska. However, real estate licensees may suggest that buyers enter into a buyer agency agreement which typically does two main things. This agreement usually sets up the duties and responsibilities of the relationship and the compensation between the buyer and a real estate broker who is represented by the affiliated real estate licensee who is working with you, the buyer. As previously advised, if you have questions about a contract you should seek legal advice.
If you have questions about the duties and responsibilities of a real estate licensee with whom you are working and/or about the actions of a licensee in a real estate transaction then you may email the Deputy Director for Enforcement at: realestate.commission@nebraska.gov
If you believe that a real estate licensee has violated the Real Estate License Act or the Rules and Regulations then you may submit complaint forms to the Commission which will trigger an investigation and possibly result in disciplinary action taken against the real estate licensee's real estate license. Information regarding the complaint process may be found at: https:/nrec.nebraska.gov/complaintprocedures.html.
Whether utilizing a real estate licensee or buying your home yourself the law requires that all sellers of a residential property consisting of 1 to 4 units must provide a Seller Property Condition Disclosure Form to all potential buyers before they become obligated to buy the property. Therefore, buyers should expect this form to be filled out thoroughly and made available for all interested buyers. A blank copy of this form can be found on the Nebraska Real Estate Commission's website at: https:/nrec.nebraska.gov/pdf/forms/spcd.pdf.
When you make an offer to purchase a property, your offer may be accepted as written, rejected by the seller, or the seller may make a counter offer, if you have questions about a contract you should seek the advice from a real estate licensee or an attorney.
Please review the section on Resources about the property and the community to access information concerning the property you are buying.
The U.S. Department of Housing and Urban Development has a questions and answers section on available from their website about buying a new home which can be found at: https://portal.hud.gov/hudportal/HUD?src=/topics/buying_a_home
IN CLOSING:
Again, it is the Real Estate Commission's goal to protect the public interest in all real estate transactions. Please research your decisions carefully and always feel free to contact the Commission through this website or by calling our office at: (402)471-2004.
