Contracts
In an Oregon purchase contract, which of the following is typically addressed in the 'closing costs' provision?
AHow the total commission is split between brokers
BWhich party is responsible for paying specific closing costs such as title insurance, escrow fees, and recording fees✓ Correct
CWhen the buyer can begin making mortgage payments
DThe physical condition of the property at closing
Explanation
The closing costs provision in a purchase contract allocates responsibility between buyer and seller for specific closing costs including title insurance (owner's and lender's), escrow fees, recording fees, and other settlement charges. These are negotiable.
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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.
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.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
EscrowA neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
Math Concepts
State-Specific Concepts
Recording RequirementsDRE Regulation
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