What financial arrangement did the Farsons make with the buyers regarding vacating the property?

The correct answer indicates that the financial arrangement between the Farsons and the buyers involved a daily payment of $55 for each day after August 15. This type of arrangement is commonly referred to as a “holdover fee,” which compensates the sellers for the additional time they are legally bound to hold the property while the new owners are waiting to take possession.

In real estate transactions, it is essential to establish clear timelines for possession of the property, and a fee structure like this one serves to ensure that both parties understand the financial implications of any delay. This arrangement provides a fair solution that acknowledges the seller’s right to compensation for the inconvenience and potential loss caused by an extended occupancy period.

The other options do not align with the context of a financial arrangement specifically related to vacating the property. A full refund of the deposit or additional escrow funds would not typically address a delay in possession, while waiving fees does not offer a structured financial impact for the seller. Thus, the daily fee accurately reflects a responsible approach to managing the expectations and financial interests of both parties involved in the transaction.