Escrow & Title
In Oregon, what is 'escrow instructions' in the context of a real estate closing?
AThe purchase contract itself
BWritten directions from the buyer and seller to the escrow officer specifying how funds and documents should be handled and disbursed at closing✓ Correct
CThe lender's underwriting requirements
DOREA's requirements for trust account management
Explanation
Escrow instructions are written directions from the parties (buyer, seller, and lender) to the escrow officer specifying the conditions that must be met before closing can occur and how funds and documents are to be disbursed. They incorporate the purchase agreement terms and lender requirements.
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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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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.
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.
State-Specific Concepts
Trust Account Rules
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