Escrow & Title
In an Arkansas real estate transaction, who typically conducts the closing?
AThe listing agent
BAn escrow officer, title company, or closing attorney✓ Correct
CAREC
DThe county recorder
Explanation
In Arkansas, real estate closings are typically conducted by a title company, escrow officer, or attorney who acts as a neutral third party to ensure all conditions are met and funds and documents are properly handled.
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Key Terms to Know
Escrow
A neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
State-Specific Concepts
AREC Regulation
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