Escrow Closings Cannot Be Used When Refinancing a Property

question 71

True/False

Escrow closings cannot be used when refinancing a property.

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Definitions:

Compensation

Payment or remuneration given to someone in exchange for loss, damage, or suffering.

Partial Performance

Completion of only part of the obligations specified in a contract, which may affect the enforceability or terms of the contract.

Lost Profits

Financial gains that were expected but not realized due to the wrongful acts of another party.

Breach of Contract

The failure to fulfill the terms agreed upon in a contract, whether by not performing duties, providing defective goods, or any other non-compliance.