Escrow & Title
A West Virginia property closing statement shows a $2,000 credit to the buyer. This means the buyer:
AOwes an additional $2,000 at closing
BReceives a $2,000 reduction in cash needed at closing✓ Correct
CMust pay the seller $2,000 separately from the purchase price
DHas $2,000 added to their loan balance
Explanation
A credit on a buyer's closing statement reduces the amount of cash the buyer must bring to closing. Common buyer credits include the earnest money deposit, seller concessions, and prorated tax credits from the seller.
Related West Virginia Escrow & Title Questions
- West Virginia is an attorney closing state, which means:
- A West Virginia probate proceeding may be required to transfer real property when:
- A West Virginia buyer at closing receives a Closing Disclosure (CD). The CD must be provided to the buyer at least how many business days before closing?
- What is the purpose of a 'chain of title' examination by a West Virginia title attorney?
- In West Virginia, a lis pendens recorded against a property notifies the world that:
- Title insurance in West Virginia protects against:
- In West Virginia, a survey conducted before a real estate closing is used primarily to:
- In West Virginia, which instrument is most commonly used to transfer title to real property?
Practice More West Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free West Virginia Quiz →