Contracts
In a FAR-BAR contract, the 'Closing Date' refers to:
AThe date the buyer receives mortgage approval
BThe date funds are disbursed and title transfers to the buyer✓ Correct
CThe date the contract becomes binding
DThe date the home inspection must be completed
Explanation
The Closing Date in a FAR-BAR contract is the date on which the deed is delivered, title transfers to the buyer, and funds are disbursed. Time is of the essence for this date unless otherwise agreed.
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