Contracts
A Nebraska seller who provides false information on the SPCDS about a prior insurance claim for flooding:
AHas no additional liability beyond normal disclosure requirements
BMay face rescission of the sale, fraud liability, and potential criminal charges✓ Correct
CIs protected by caveat emptor
DIs only liable if the buyer suffers actual flood damage
Explanation
Knowingly providing false information on the SPCDS — especially about material conditions like flooding history — constitutes fraud. Remedies include contract rescission, civil damages, and potential criminal fraud prosecution.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
State-Specific Concepts
Disclosure Requirements
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