Manufactured Housing Practice Test

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When does escrow terminate if financing confirmation is not provided?

In 30 days
In 60 days
In 15 days
In 90 days

The correct answer is: In 30 days

Escrow typically terminates if financing confirmation is not provided after a specified period, and in this scenario, that period is 30 days. This 30-day timeframe is standard in many real estate transactions to ensure that buyers have a sufficient amount of time to secure financing. If they fail to do so within this duration, the escrow agreement usually allows for termination, as the financing condition is integral to moving forward in the purchase process. This helps protect all parties involved, as it sets clear expectations about timelines and necessary actions to proceed with the transaction.