Contracts
In Nebraska real estate, 'chain of title' issues that surface during a title search must be resolved:
ABy the NREC before the sale can proceed
BBefore closing to provide the buyer with marketable title as required by most purchase agreements✓ Correct
CAfter closing at the buyer's expense
DOnly if the buyer requests a title insurance policy
Explanation
Most Nebraska purchase agreements require the seller to convey marketable title at closing. Chain of title defects (gaps, adverse claims, liens) must be cleared before or at closing to satisfy this obligation.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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