South Carolina Exam Prep: Closing Details Practice Questions and Answers

South Carolina Exam Prep: Closing Details Practice Questions and Answers What are the two ways a closing or settlement can be conducted? - Correct Answer ✔️✔️-Face to face or escrow closing What is a face to face closing? - Correct Answer ✔️✔️-Parties exchange documents and sign papers in a face to face setting What is an escrow closing? - Correct Answer ✔️✔️-Prior to closing, the closing agent orders and reviews documents. Parties don't meet at all, paperwork is handled by escrow agent, sellers usually sign docs first, and buyers sign in a separate meeting. Who conducts both types of closings in South Carolina? - Correct Answer ✔️✔️-An attorney What does the South Carolina Consumer Protection act give the buyer the right to choose in closing? - Correct Answer ✔️✔️-Their Attorney Do the buyer and seller use the sa me attorney in closing? - Correct Answer ✔️✔️-The buyer can use the sellers attorney but most often, the parties have their own attorneys. What are prorations? - Correct Answer ✔️✔️-Shared expenses that either party owes at closing that are divided between the parties depending on when closing occurs What are typical prorations? - Correct Answer ✔️✔️-Property taxes, HOA dues, fuel (propane or oil tank), water, and sewer charges.