Contracts
A Connecticut purchase agreement with a 'possession at closing' clause means:
AThe buyer may move in before closing
BThe seller must vacate and the buyer takes possession at the time of closing✓ Correct
CThe seller may remain for up to 60 days after closing
DThe buyer takes possession when the offer is accepted
Explanation
A 'possession at closing' clause means the seller vacates the property and the buyer receives the keys and full possession at the closing—simultaneous with the exchange of deed and funds.
People Also Study
Related Connecticut Questions
- Annual property taxes on a Connecticut home are $7,200. At closing on April 1, the buyer takes possession. The seller paid the full year's taxes. How much does the buyer owe the seller at closing for tax proration (using a 360-day year, 30-day months)?Real Estate Math
- In Connecticut, an 'as-is' clause in a purchase contract means:Contracts
- A Connecticut purchase agreement specifies an inspection contingency period of 10 days. After 10 days, the buyer does not respond. This means:Contracts
- A Connecticut purchase contract for a home includes a clause stating the seller will replace the roof prior to closing. This is a:Contracts
- A Connecticut seller who died between the execution of a purchase agreement and the closing—what happens to the contract?Contracts
- A Connecticut homebuyer receives a 'seller concession' of 3% of the purchase price toward closing costs. On a $400,000 home, this is worth:Finance
- In Connecticut, the deed is most commonly used to transfer title from seller to buyer at closing is the:Escrow & Title
- Connecticut is an 'attorney closing state,' which means:Escrow & Title
Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Study This Topic
Practice More Connecticut Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Connecticut Quiz →