Escrow & Title
What is a buyer's net cost at closing vs. a seller's net proceeds?
AThey are the same amount
BBuyer's net cost is the cash needed to close; seller's net proceeds is the cash received after paying all obligations✓ Correct
CNet cost is the same as down payment
DNet proceeds only includes the sales price
Explanation
Buyer's net (cash to close) = Down payment + Closing costs - Credits. Seller's net proceeds = Sale price - Loan payoffs - Commissions - Seller-paid closing costs - Other seller obligations. The closing statement reconciles these.
Related Ohio Escrow & Title Questions
- In Ohio, a deed must include which of the following to be legally valid?
- In Ohio, 'priority' among competing liens on the same property is generally determined by:
- In Ohio, property taxes are paid:
- What is a short sale in real estate and how does it affect the title process?
- In Ohio, 'actual notice' differs from 'constructive notice' in that actual notice means:
- The Closing Disclosure (CD) replaced which prior document in federally related mortgage transactions?
- In Ohio, a 'satisfaction piece' (discharge of mortgage) must be filed by the lender within how many days of loan payoff?
- Under Ohio law, which lien has the HIGHEST priority when multiple liens exist on a property?
Practice More Ohio Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Ohio Quiz →