Escrow & Title
In Virginia, a 'simultaneous closing' occurs when:
ATwo agents close the same transaction at different times
BA seller's purchase of a new home closes on the same day as the sale of their existing home✓ Correct
CBoth buyer and seller are at the table at the same time
DTwo buyers compete for the same property
Explanation
A simultaneous closing coordinates two transactions so that the seller can use proceeds from the sale of their current home to fund the purchase of their new home, both closing on the same day.
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