Escrow & Title
The process of transferring title at closing requires delivery and acceptance of:
AA purchase agreement
BA deed✓ Correct
CA promissory note
DA title insurance policy
Explanation
Title to real property passes when a deed is delivered by the grantor and accepted by the grantee. The deed is the instrument of transfer.
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- Nebraska's non-judicial (deed of trust) foreclosure process requires the trustee to publish notice of the sale for a period of:Finance
- A Nebraska property deed is signed and delivered to the buyer. The buyer does not record the deed. The buyer's title is:Property Ownership
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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).
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.
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.
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