Escrow & Title
In Arkansas real estate closings, who typically disburses closing funds and records the deed?
AThe real estate broker
BThe title company or closing attorney, who acts as the settlement agent✓ Correct
CThe county recorder directly
DThe mortgage lender
Explanation
In Arkansas, the settlement agent (typically a title company or closing attorney) coordinates the closing, collects and disburses all funds, ensures documents are properly executed, and arranges for recording of the deed and mortgage.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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.
EscrowA neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
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