Contracts
Under the GAR contract, the 'closing' date is the date on which:
AA. The buyer approves the inspection
BB. Title is transferred, funds are disbursed, and possession is typically transferred✓ Correct
CC. The mortgage is approved
DD. The seller vacates the property
Explanation
Closing (or settlement) is the date when the deed is signed and delivered, ownership transfers, mortgage funds are disbursed, and all parties fulfill their contractual obligations. Possession typically occurs at closing unless otherwise agreed.
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