Escrow & Title
A 'concurrent closing' in a real estate transaction refers to:
ATwo parties closing at the same time
BMultiple related transactions closing simultaneously, such as a buyer's sale and purchase happening at the same closing✓ Correct
CA closing that occurs on Saturday
DA closing handled by two attorneys simultaneously
Explanation
A concurrent closing occurs when multiple related transactions are coordinated to close at the same time — such as when a buyer must sell their existing home and purchase a new one on the same day, with funds flowing from one transaction to the next.
People Also Study
Related Georgia Questions
- In Georgia, a buyer who wants to make their purchase contingent on selling their existing home would use which addendum?Contracts
- A buyer is assuming a seller's existing mortgage of $185,000. The seller's original purchase price was $230,000. If the home is selling for $295,000, what cash does the buyer need for down payment (before closing costs)?Real Estate Math
- A Georgia seller accepts an offer on their home. Before closing, the roof sustains significant storm damage. The risk of loss provision in the contract most likely:Contracts
- Zoning ordinances in Georgia are enacted by:Land Use & Zoning
- When a Georgia homeowner refinances their home, the existing security deed is typically:Property Ownership
- Which federal law prohibits racial discrimination in ALL real estate transactions (even by private owners selling their own home)?Fair Housing
- A home buyer receives a seller concession of 3% of the purchase price toward closing costs. If the purchase price is $340,000, what is the dollar value of the concession?Real Estate Math
- A borrower's gross monthly income is $7,500. Using a 28% front-end ratio, what is the maximum monthly PITI payment the lender would approve?Real Estate Math
Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Study This Topic
Practice More Georgia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Georgia Quiz →