closing date

Synonyms: completion date

The date when the title for a property is transferred to the new owner and money and keys are exchanged. The Agreement of Purchase and Sale will include a specific time of day, by which time the seller must "give vacant possession", which means they must be out of the home and not leave any personal property behind. Many sellers believe they have until midnight on the closing date to vacate, but in fact, any time of day may be agreed upon. If a seller fails to vacate by the proper time and date, they are responsible for any additional expenses incurred by the buyer, such as the cost to store their possessions overnight, or the cost to stay in a hotel.

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closing date

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