Question

Which of the following statements about the closing entity is false?

1. The closing entity can be the title company
2. The closing entity can be the broker
3. The closing entity is always the title company
4. The closing entity can be the attorney

Answer 1

The closing entity in a real estate transaction can be the title company, broker, or attorney. Statement 3, which claims that the closing entity is always the title company, is false.

Step-by-step explanation:

The closing entity in a real estate transaction refers to the party responsible for overseeing and facilitating the closing process. While it is common for the closing entity to be the title company, it is not always the case. The closing entity can also be the broker or the attorney involved in the transaction.

Statement 3, which claims that the closing entity is always the title company, is false. Depending on the specifics of the transaction and the parties involved, the closing entity can vary. It is important for all parties to clearly establish who the closing entity will be before proceeding with the closing process.