Closing Date

The closing date in real estate is the date on which the ownership of the property is transferred from the seller to the buyer, and all necessary documents are signed. It is the final step in the process of buying or selling a property, and is typically specified in the Buy-Sell Agreement or contract.

On the closing date, both the buyer and the seller will typically meet at the offices of the title company or attorney handling the transaction. The buyer will bring any necessary funds to pay for the property, and the seller will provide the deed to the property.

During the closing process, the parties will sign a number of documents, including the purchase agreement, the mortgage documents (if applicable), and the deed. The title company or attorney will also review the title to the property to ensure that it is clear and marketable, and will transfer the ownership of the property to the buyer.

The Buy-Sell Agreement defines when possession will occur. This is typically either when the closing agent is in receipt of all required, signed documents and all funds necessary for the purchase OR upon recording of the deed or notice of purchaser’s interest.

After the closing process is complete, the buyer will receive the keys to the property and will become the legal owner. The seller will receive the agreed-upon purchase price, minus any closing costs or fees.

The closing date is an important milestone in the process of buying or selling a property, as it marks the transfer of ownership and the completion of the transaction.

Category : Lexicon