Closing Date

The “closing date” refers to the specific date on which the finalization of a transaction, typically in real estate, takes place. On this date, all necessary documents are signed, the transfer of ownership from the seller to the buyer is completed, and the funds are exchanged.

In a real estate context, this date is the culmination of the sale process, where the buyer pays the purchase price, often with the assistance of a mortgage, and the seller hands over the title to the property. The closing date is usually agreed upon by both parties during the negotiation of the purchase agreement, and it marks the official change of ownership.