Property Ownership
A fixture in Nebraska real estate is personal property that has become:
AAttached to real property in such a way that it is legally considered real property✓ Correct
BLeased to a tenant and used in conjunction with real property
CListed on the seller's property disclosure statement
DExcluded from the sale by written agreement
Explanation
A fixture is personal property that has been attached to real property with the intent to make it a permanent part of the realty. Tests for fixture status include method of attachment, adaptation, and agreement of the parties.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Promissory NoteA written promise to repay a loan under specified terms — the borrower's personal financial obligation in a real estate transaction.
State-Specific Concepts
Disclosure Requirements
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