If you’re about to buy or sell something, whether it’s a stock, bond, commodity, home, or any other relatively complicated asset, you could very well have a closing date involved. A closing date is more or less what it sounds like – the day on which your financial transaction, be it buying or selling, is official, and the ownership of the asset in question officially changes hands.
Your closing date can be a truly momentous moment, particularly when it comes to buying your first home. You’ve been through the wringer with all the hunting and searching and comparing, not to mention all the loan applying and red tape you had to go through. Your closing date will be a big deal for you, because it’s the date when the seller finally transfers the deed of ownership over to you, and the house is now yours. Of course, closing dates can also come and go and have absolutely no emotional content for you whatsoever – nobody gets sentimental when the closing date arrives on the sale of their stock option or futures contract.
Your closing date will be an estimated closing date for a while, until all the paperwork has been processed and loans have been approved. Until that time, the closing date referred to in the initial sales contract is subject to change. When you get closer, their will be a closing meeting, and at that time all the final legal details will be taken care of. After that, it’s just a question of money changing hands and the bank signing off on everything.
To learn more about your closing date, sales contract, closing meeting, mortgages and all the many terms and concepts associated with real estate and buying or selling a home, be sure to consult with a real estate professional.