Escrow & Title
In South Carolina, what is 'simultaneous closing' (or 'back-to-back closing')?
AWhen both buyer and seller sign closing documents at the same time
BWhen two transactions close in sequence, where the proceeds from one sale fund the purchase in the second transaction✓ Correct
CWhen two identical properties close on the same day
DWhen a property closes with two separate lenders
Explanation
A simultaneous (back-to-back) closing occurs when two transactions are linked — the seller in Transaction A is also the buyer in Transaction B. The proceeds from A fund B. The timing must be carefully coordinated, and lenders must be aware of the arrangement.
Related South Carolina Escrow & Title Questions
- What is the purpose of a HUD-1 Settlement Statement (or Closing Disclosure) in a South Carolina real estate transaction?
- In South Carolina, which party to a transaction has a legal obligation to ensure the closing is conducted by a licensed attorney?
- In South Carolina, what is a 'title search' and who typically conducts it?
- In South Carolina, what is 'chain of title'?
- What does 'prorating' at closing in South Carolina mean?
- What is a 'title exception' in a South Carolina title insurance policy?
- In South Carolina, what is 'tenancy in common' in the context of title?
- In South Carolina, 'actual notice' differs from 'constructive notice' in that:
Practice More South Carolina Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free South Carolina Quiz →