Escrow & Title
Nebraska's race-notice recording statute means that to obtain priority, a subsequent buyer must:
ARecord before any prior purchaser
BRecord without notice of a prior claim AND record before the prior unrecorded purchaser✓ Correct
CGive notice to the prior buyer of their purchase
DPay the same price as the prior buyer
Explanation
Under Nebraska's race-notice recording act, a later purchaser must both (1) take title without notice of the earlier unrecorded transfer AND (2) record before the prior buyer records, to have priority.
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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.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
State-Specific Concepts
Recording Requirements
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