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Loans & Lending Practices MCQs

What does the term "Closing" mean?

The day a price is agreed on for a home transaction

The meeting where the buyers, sellers, and their representatives meet to finalize the legal exchange of property

The process of being approved for a mortgage

A legal document used to transfer the ownership of a property

Answer

Correct Answer: The meeting where the buyers, sellers, and their representatives meet to finalize the legal exchange of property

Explanation:

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