Escrow & Title
A Wisconsin seller refuses to sign over the deed at closing despite a valid purchase contract. The title company should:
AForce the seller to sign
BCancel the closing and advise the buyer to pursue legal remedies✓ Correct
CIssue the title policy anyway
DContact DSPS for emergency intervention
Explanation
The title company cannot force a seller to convey. If the seller breaches the contract by refusing to close, the closing agent should advise the buyer to consult an attorney about enforcing the contract through legal action (specific performance or damages).
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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.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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