Escrow & Title
In an Oklahoma commercial real estate transaction, the title company's hold-back escrow is often used when:
AThe buyer cannot afford to pay cash
BWork or repairs required to satisfy a condition of sale have not been completed at closing; funds are escrowed and released upon completion✓ Correct
CThe seller disagrees with the purchase price
DThe lender requires additional collateral
Explanation
A hold-back (escrow withhold) allows closing to proceed when certain work (repairs, tenant improvement completion) hasn't been finished. Funds are held in escrow and released to the appropriate party upon satisfactory completion and verification.
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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.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
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