Lincoln

Non-Judicial

In a non-judicial foreclosure state, the lender does not need to go through the court system in order to foreclose on a property. This process can be quicker and less expensive for the lender compared to a judicial foreclosure.

Title companies, lenders, real estate agents, and attorneys all conduct closings. Conveyance is by warranty deed. Mortgages and deeds of trust are the security instruments. Mortgage foreclosures require judicial proceedings and take about 6 months from the date of the first notice when they’re uncontested. Deeds of trust do not require judicial proceedings and take about 90 days. Nebraskans use ALTA policies and endorsements. Buyers and sellers split escrow and closing costs; sellers pay the state’s documentary taxes. Property taxes fall due April 1st and August 1st.

Due April 1st and August 1st

YES. Key components of property management (renting, leasing and collecting rents) are considered real estate activities under existing Nebraska real estate licensing laws. If a property manager is going to lease, rent, list, collect rents, procure prospects or negotiate, assist, or offer to perform any of those acts, he or she will need a broker's license. A salesperson working under a broker may engage in such activities.

Yes. For example, on-site residential managers of apartment buildings are exempt if the leasing of the property is in connection with their employment. For more information about these and other Nebraska property management requirements and exceptions, please contact the Nebraska Real Estate Commission. Before hiring a property manager to manage your Nebraska rental property, you should always check that he or she is licensed appropriately. You can check the license status of Nebraska property managers at the Licensee and Applicant Information Search.

NO. A broker's license is not required to manage community associations or condo associations in Nebraska.

Nebraska real estate broker licensing requirements include: - Age: must be at least 19 years of age - High School: high school diploma or GED - Education: 180 hours (6 courses) in Pre-License Coursesor 120 hours (4 courses) in Pre-License Courses and 2 yrs full-time Salesperson Experience or part-time equivalent - Exam: Pass the Nebraska Real Estate Examination with a score of 75% - Insurance: Proof of Errors and Omissions insurance - Trustworthiness: provide current criminal history report - Approval of Application

Nebraska real estate salesperson licensing requirements include: - Age: must be at least 19 years of age - High School: high school diploma or GED - Education: 60 hours (2 courses) of pre-license education - Exam: Pass the Nebraska Real Estate Examination with a score of 75% - Trustworthiness: provide current criminal history report