Asked by Sophie Nauss on May 10, 2024
Verified
Which of the following is another term for the closing?
A) The settlement
B) The closing of escrow
C) The termination
D) The settlement and the closing of escrow
Closing Of Escrow
The process by which a third party mediates and finalizes the transfer of property between two parties, ensuring that all legal and financial conditions are met.
Settlement
An agreement reached between parties in a dispute, ending the dispute and avoiding taking the matter to trial.
- Discern the essential aspects and legal requisites for a real estate transaction, which entail making offers, executing closings, and the operation of escrow.
Verified Answer
AS
Angela SeguraMay 15, 2024
Final Answer :
D
Explanation :
The terms "the settlement" and "the closing of escrow" both refer to the closing process in real estate transactions, where the final legal documents are signed, and the property is officially transferred from the seller to the buyer.
Learning Objectives
- Discern the essential aspects and legal requisites for a real estate transaction, which entail making offers, executing closings, and the operation of escrow.
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