Escrow & Title
A Nebraska property is subject to a special assessment for new sidewalks. At closing, the special assessment is typically:
AAlways paid by the seller in full
BAlways paid by the buyer in full
CProrated between buyer and seller or negotiated✓ Correct
DAssumed by the buyer without credit
Explanation
Special assessments are handled by negotiation or proration. Some contracts specify the seller pays off the full assessment; others allow the buyer to assume the lien.
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Key Terms to Know
Proration
The division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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.
Math Concepts
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