Contracts
An installment land contract (contract for deed) in Nebraska transfers which rights to the buyer at signing?
ALegal title immediately upon signing
BEquitable title and possession, with legal title transferring when the purchase price is fully paid✓ Correct
CNeither equitable nor legal title — buyer only gets a leasehold
DFull fee simple ownership after the first payment
Explanation
Under a contract for deed (land contract), the buyer receives equitable title and possession while the seller retains legal title as security. Legal title transfers only when the full purchase price has been 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).
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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