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

280 words·~1 min read·/ne/chapter-76/76-3111

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(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.