In Texas, what does 'closing and funding' mean under the TREC contract?
Correct Answer
B) The closing process is completed and the lender has disbursed the loan proceeds
'Closing and funding' in Texas means that both the closing process (signing documents, executing the deed) and the funding (lender disbursing loan proceeds) have been completed. Possession typically transfers after both events.
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Related Topics & Key Terms
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Related Concepts
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
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