Contracts
In Ohio, the term 'closing date' in a purchase contract is typically defined as:
AThe date the offer was accepted
BThe date on or by which the transfer of title and final payment must occur✓ Correct
CThe date the home inspection is completed
DThe date the lender approves the loan
Explanation
The closing date is the date by which the parties must complete all settlement activities — transfer of title, payment of purchase price, and funding of the loan.
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