Most Loan Commitments Do Not Require the Borrower to Pay

question 20

True/False

Most loan commitments do not require the borrower to pay the lender's expenses in closing the loan.

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Definitions:

Title

Legal documentation that provides evidence of a person's ownership rights over property or assets.

Void

Describes a contract or legal agreement that has no legal force or effect, making it unenforceable.

Good Title

Legal term indicating that a property owner has rightful ownership and is legally free of liens or other encumbrances.

Good Faith Purchaser

An individual who buys property without knowledge of any prior claims, disputes, or fraud, often protected under law from subsequent property claims.