Open application – Definition – Description – Clarification – Commentary – Explanation – Illustration
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Having an open application will eventually lead to a problem. One should always strive to close out all applications as soon as possible. The open applications usually come to light when the transfer of property ownership takes place. New owners, many times, are mandated by their lending partners to run a check of property records. Because it takes time to close out these applications, they may adversely affect the timeline of sale or kill it altogether.
Related terms
- Certificate of occupancy
- filing paperwork
- final documents
- residential
- PW7/signoff
- government agencies
- approval
Commentary – Illustration in our Gallery of pictures
How to do it. Tools to resolve it
Understand the process
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