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the details of a closing are always governed by a) the wishes of the buyer as expressed orally. b) the wishes of the seller as expressed orally. c) the escrow instructions that both the seller and the buyer sign. d) the terms of the properly executed purchase contract.
the details of a closing are always governed by a) the wishes of the buyer as expressed orally. b) the wishes of the seller as expressed orally. c) the escrow instructions that both the seller and the buyer sign. d) the terms of the properly executed purchase contract.
The details of a closing are governed by the terms of the properly executed purchase contract, not by oral statements from the buyer or seller. Escrow instructions, part of the written contract, ensure the neutral handling of funds and adherence to the agreed-upon terms, covering necessary payments like home insurance and property taxes. The correct option is d.The details of a closing are always governed by d) the terms of the properly executed purchase contract. Neither the wishes of the buyer expressed orally nor the wishes of the seller expressed orally determine the closing details. It is the written escrow instructions, which are signed by both the buyer and seller, and the purchase contract that dictate the closing procedures. The purchase contract is a legally binding document that outlines the terms agreed upon by both parties and can include provisions for financing, inspections, repairs, closing costs, and other important details of the transaction.It's important to remember that financial agreements should be thoroughly documented in writing and signed by all parties to prevent any misunderstandings, aligning with the practices presented in escrow. Escrow ensures funds are held by a neutral third party and released upon the completion of contractual obligations, often including the payment of home insurance and property taxes as part of monthly payments, making it a convenient process for home buyers....