Question

In the section on Purchase Price and Terms in a Residential Contract to Buy and Sell, which of the following is true concerning the entry for cash at closing?

Answer 1

"It does not include the buyer's closing costs, such as loan fees"

Step-by-step explanation:

It clearly states in this section that all amounts payable at closing, which includes closing costs, cash at closing, and loan proceeds must be paid via funds corresponding to the laws of transfers via electronic means, certified check, cashier's check, savings, and other accepted means. In this light, it shows that cash at closing is a separate entity from loan proceeds and closing costs.