Contracts
In Oklahoma, the closing date specified in a purchase contract is:
AAlways the date title transfers
BThe target date on which the parties intend to complete the transaction, but it may be extended by mutual agreement✓ Correct
CNon-negotiable once signed
DSet by the title company without party input
Explanation
The closing date in an Oklahoma purchase contract is the intended date for completion. The parties may mutually agree to extend it, but if time is of the essence and one party fails to close on time, they may be in breach.
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