Escrow & Title
In Nebraska, property that passes through a deceased person's estate and is subject to estate taxes will have any tax liens:
AAutomatically waived after 2 years
BAttach to the property until the estate taxes are paid — potentially clouding title if not resolved before sale✓ Correct
COnly assessed against the beneficiary's other assets
DImmediately released upon the property being listed for sale
Explanation
Federal and state estate tax liens attach to estate property and must be resolved (through payment or an IRS tax lien release) before clear title can be conveyed to a buyer.
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Key Terms to Know
Lien
A 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.
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Math Concepts
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