Escrow & Title
A Nebraska property owner uses a land contract (contract for deed) to sell property. Under this arrangement, the seller retains:
AEquitable title
BLegal title until the contract is paid in full✓ Correct
CNo interest in the property after the contract is signed
DOnly the right to receive payments
Explanation
In a land contract/contract for deed, the seller (vendor) retains legal title while the buyer (vendee) receives equitable title and possession. Legal title passes to the buyer only after the contract price is fully paid.
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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).
EasementA non-possessory right to use another person's land for a specific purpose.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
EscrowA neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
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