Escrow & Title
A 'title binder' in NC real estate provides:
AA complete set of closing documents
BTemporary title insurance coverage between the purchase and permanent policy issuance✓ Correct
CA commitment to provide a survey
DThe buyer's financing commitment
Explanation
A title binder provides temporary title insurance coverage, typically during the period between the contract and closing, pending issuance of the permanent policy.
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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.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
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.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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