Escrow & Title
Who is primarily responsible for conducting the title examination in a Vermont real estate closing?
AThe listing real estate agent
BThe buyer's lender
CA licensed Vermont attorney✓ Correct
DThe county recorder of deeds
Explanation
Vermont is an attorney closing state. A licensed Vermont attorney must conduct or supervise the title examination, prepare the closing documents, and oversee the closing.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
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