Contracts
In Tennessee, a 'simultaneous closing' or 'double closing' in a real estate transaction involves:
ATwo separate back-to-back closings where the investor buys and then sells the property in quick succession✓ Correct
BTwo buyers closing on the same property on the same day
CA closing that happens simultaneously in two different counties
DA closing where both the buyer and seller are present at the same time
Explanation
A double closing (simultaneous closing) involves two sequential transactions — the investor first closes as buyer (A-B transaction) and then immediately closes as seller (B-C transaction), often the same day.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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