Escrow & Title
A 'gap' in the chain of title in Nebraska means:
AA period when the property was vacant
BA missing link in the sequence of recorded conveyances, potentially leaving the current owner without clear title✓ Correct
CA period when property taxes were unpaid
DThe time between listing and closing
Explanation
A gap in the chain of title means a conveyance is missing from the public record, creating uncertainty about whether clear title exists. Title companies will not insure titles with gaps until the gap is resolved through legal proceedings or corrective instruments.
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Key Terms to Know
Chain of Title
The sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
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