Which statement is correct regarding closing agreements?

The statement about closing agreements being able to deviate with a written amendment agreed upon by both parties is correct because it reflects the principles of contract modification in real estate transactions. A closing is the final step in a real estate transaction where the transfer of ownership takes place, and the relevant documents are executed.

In many cases, the original purchase agreement will serve as the foundation for the closing process, but circumstances may change, leading to the need for adjustments. When both the buyer and seller consent to modifications in writing, these amendments can alter the terms of the closing as long as they have been mutually agreed upon. This flexibility ensures that both parties can adapt to changes that arise during the transaction process while maintaining a legally binding agreement.

The importance of having these modifications in writing cannot be overstated, as verbal agreements are typically harder to enforce and may lead to misunderstandings or disputes down the line. Written amendments provide a clear, documented reference that helps prevent conflicts and ensures that all parties are on the same page regarding the terms of the closing.