Contracts
In Iowa, the closing date specified in a purchase agreement refers to:
AThe date the listing agreement expires
BThe date legal title transfers and funds are disbursed✓ Correct
CThe date the loan application is submitted
DThe date the property inspection is completed
Explanation
The closing date is when the sale is finalized—title transfers from seller to buyer, funds are disbursed, and all documents are executed. It is also when possession typically transfers unless otherwise specified.
People Also Study
Related Iowa Questions
- An Iowa purchase agreement closing date is described as 'on or before December 15.' This means:Contracts
- Iowa's contract of sale (purchase agreement) typically specifies which party is responsible for prorating the property taxes at closing?Contracts
- Iowa's real estate purchase agreement typically provides that possession of the property transfers to the buyer:Contracts
- If an Iowa purchase agreement is silent on who pays the closing costs, what governs?Contracts
- An Iowa title company issues a title commitment prior to closing. This commitment represents the title company's agreement to:Escrow & Title
- Which party in an Iowa real estate transaction typically selects the title or closing company?Escrow & Title
- In Iowa, the document that provides the legal description of the property and is used to transfer title at closing is the:Escrow & Title
- An Iowa seller nets $190,000 after a 6% commission and $3,000 in closing costs. What was the sale price?Real Estate Math
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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Study This Topic
Practice More Iowa Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Iowa Quiz →