Escrow & Title
In Oregon, who typically selects the escrow/title company?
AAlways the buyer
BAlways the seller
CThe lender, exclusively
DIt is negotiable and typically specified in the purchase agreement✓ Correct
Explanation
In Oregon, the selection of the escrow or title company is typically specified in the purchase and sale agreement and is a negotiable term. Buyers and sellers may agree on which company to use.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
EscrowA neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
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.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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