Information For Use In Registering
Subdivided Lands
The Nebraska Real Estate License Act Sections 81-885.33 through 81-885.42 deal with the sale of subdivided land as defined in Section 81-885.01 (11), Subdivision or subdivided land means any real estate offered for sale which has been registered under the Interstate Land Sales Full Disclosure Act, 15 U.S.C. 1701 et Seq., as such existed on January 1, 1973, or real estate located out of this state which is divided or proposed to be divided into 25 more lots, parcels or units. Also, refer to Title 299, Chapter 4 of the Nebraska Real Estate Commission's Rules.
Upon receipt of application the Commission will make an estimate of the probable expenses to be incurred in the investigation of the application, which may include the personal inspection of the property by a person or persons designated by it, and the applicant will be required to make a deposit n the amount so determined which must be by certified check, bank draft, or money order. Developer will be charged actual expenses incurred in the investigation and inspection. After such expenses have been paid, the deposit will be returned.
All sales activities conducted on behalf of the developer, must be conducted in this state by a Nebraska licensed real estate broker and his/her licensed employees. Only lands which have been platted and the plats filed with the local filing authority in the county wherein the lands are located, may be included in an application for registration. Contracts or other documents used in sales made to Nebraska residents will be required to be in recordable form and documentary evidence of the developers ability to perform on promised public improvements, e.g. water, sewer, streets, etc., will be required. Documentary evidence may be supplied in the form of performance bonds or other security.
In addition to the information required in the application, please supply all other information, documents and exhibits required in Section 81-885.42 of the Act.
If the project is not required to be filed under the Federal Interstate Land Sales Full Disclosure Act, but is required to be filed under the Nebraska Act, an offering statement as required by Section 81-885.34 (10) must be supplied. If the project is filed under the Federal Act, the property report required by the Federal Act will meet the requirement of Section 81-885.34 (10).
