Closing date

The day when a home's sale or purchase is completed

The closing date, agreed upon by both the seller and buyer, is written in the purchase/sale agreement. Depending on what state the property is located, a closing can either be an actual meeting that takes place between the buyer and seller, or escrow, which doesn't require a meeting.

Even though what happens on the closing date varies from state to state, in general, there are 4 main steps: (1) the buyer pays for the property, including the down payment and lender fees (2) the buyer and seller sign the final closing documents (3) the deed is recorded at the county courthouse and (4) the mortgage officially begins. In some states, these steps span over several days leading up to, and after, the closing date.

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