Contracts
Under Nebraska law, which party normally pays for an owner's title insurance policy?
AThe buyer always
BThis is negotiable and may vary by local custom or contract terms✓ Correct
CThe seller always
DThe lender
Explanation
In Nebraska, who pays for owner's title insurance is negotiable and may vary by local market custom, though the buyer is the beneficiary. The purchase contract specifies which party is responsible for title insurance costs.
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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.
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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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