Property Ownership
A Nebraska property that is subject to a covenant running with the land requires future owners to:
AApply to the city to continue using the property
BContinue to comply with the covenant's restrictions or obligations, even if they were not the original covenantor✓ Correct
CPay the original covenantor an annual fee
DRenegotiate the covenant terms with the homeowners association every 10 years
Explanation
A covenant that runs with the land is binding on all successive owners of the burdened property, even if they had no personal knowledge of the covenant at purchase (as long as it was recorded and constructive notice existed).
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Promissory NoteA written promise to repay a loan under specified terms — the borrower's personal financial obligation in a real estate transaction.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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