Contracts (alternative)
In Maryland, which party typically pays the buyer's closing costs associated with obtaining a mortgage?
AThe seller always pays all closing costs
BThe buyer pays mortgage-related closing costs unless the contract provides otherwise✓ Correct
CThe listing broker pays closing costs from commission
DMREC pays closing costs for first-time buyers
Explanation
Mortgage-related closing costs (loan origination, appraisal, credit report, lender title insurance) are typically paid by the buyer unless the contract specifically provides for seller concessions toward buyer closing costs.
Related Maryland Contracts (alternative) Questions
- In Maryland, a novation in a real estate contract occurs when:
- A Maryland contract of sale contains a financing contingency with no specific deadline. This is:
- The Maryland Residential Property Disclosure/Disclaimer form is provided to buyers:
- A Maryland purchase agreement that includes a survey contingency allows the buyer to review the property survey and:
- A Maryland buyer's offer that is accepted by the seller creates a:
- A Maryland buyer's home inspection contingency typically gives the buyer the right to:
- In Maryland, an assignment of a real estate contract means:
- A Maryland addendum to a purchase contract is valid when it:
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