ContractsOffer_to_purchase_and_contract_form_2tMEDIUM
A Gastonia broker is training a new associate on Offer to Purchase and Contract (Form 2-T). Which statement best applies under current North Carolina law?
Correct Answer
A) Credits and adjustments at settlement are handled according to the contract and closing calculations rather than by informal oral assumptions after the fact.
Credits and adjustments at settlement are handled according to the contract and closing calculations rather than by informal oral assumptions after the fact.
Answer Options
A
Credits and adjustments at settlement are handled according to the contract and closing calculations rather than by informal oral assumptions after the fact.B
Any promised seller credit may be handled off-closing with no need to document it.C
Tax and dues prorations are never addressed in the contract under current North Carolina rulesD
Only the lender decides whether contractual credits exist under current North Carolina rulesWhy This Is the Correct Answer
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Related Topics & Key Terms
Key Terms:
credits_at_closingdifficulty_3nc_contract_practice_offer_to_purchasenc_statenorth_carolinaoffer_to_purchase_and_contract_form_2tprorationsscenario_traps_edge_cases_and_enforcementsettlement
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