L.B. 433: A New Legal Framework for Nebraska Condominiums

Abstract

INTRODUCTION|In Nebraska, as elsewhere, the condominium housing concept presents some unique legal questions. Condominium ownership is a hybrid of individual and community ownership. Each unit owner has a fee simple in his individual unit and an undivided percentage interest in the common elements. This form of ownership offers tax deductions and a chance to build up equity in the property while at the same time offering improved facilities and lower prices.|Even though there are many advantages to the condominium, some common problems and abuses are encountered that are not found in single property ownership. For example, declarants (developers) have at times, misrepresented or omitted pertinent facts in the offer to sell, or they have sold condominiums that have never been completed. The condominium purchaser has often been unprotected because of the complexity of the transaction and the dependent relationship of the purchaser to the seller." Even after the sale, problems may ensue in the transfer of control from the declarant to the association...