Question

The escrow closing in a real estate transaction is complete when

A. the purchase price is deposited, and the terms and conditions of the agreement re fulfilled.

B. the escrow agent delivers the deed to the purchaser and the purchase price to the seller.

C. the parties form an enforceable contract covering the property to be transferred.

D. the escrow agent receives the escrow agreement stating the terms and conditions under which the transfer is to occur.

Answer 1

The escrow closing in a real estate transaction is complete when the escrow agent delivers the deed to the purchaser and the purchase price to the seller, indicating that all terms and conditions of the transaction have been fulfilled.

Step-by-step explanation:

The escrow closing in a real estate transaction is complete when the escrow agent delivers the deed to the purchaser and the purchase price to the seller. This is because escrow serves as a neutral third party that holds money and documents until the completion of certain conditions, including transferring ownership of the property. Once the terms and conditions of the real estate transaction have been fulfilled, possession of the residence can officially change hands. It's important that all obligations are satisfied to ensure a smooth transition of ownership, which includes the delivery of funds and ownership documents. The presence of an escrow account can also assist with the ongoing payment of home insurance and property taxes, rolling these expenses into a normal monthly payment for convenience.