Contracts
The term 'possession date' in a real estate purchase contract refers to:
AThe date the buyer begins paying property taxes
BThe agreed date on which the buyer is entitled to take physical possession of the property✓ Correct
CThe date the title insurance policy is issued
DThe date the earnest money is deposited
Explanation
The possession date specifies when the buyer takes physical possession of the property. Possession may coincide with or differ from the closing date (e.
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