Escrow & Title
In Hawaii, which of the following best describes 'joint escrow instructions'?
AA. Instructions that benefit only the buyer
BB. Written instructions signed by both buyer and seller directing the escrow company how to proceed✓ Correct
CC. Instructions provided by the real estate agents on behalf of all parties
DD. A court order directing how escrow funds must be disbursed
Explanation
Joint escrow instructions are signed by both buyer and seller and direct the escrow officer on all aspects of the transaction, from conditions to disbursement of funds.
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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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
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