- The date that is fixed for taking possession in which the final exchange of consideration and legal completion of a transaction involving a home purchase, a mortgage registration, or the transfer of title. In regards to mortgages, funds need to be available before the closing date.
- In relation to investments, it is the final date when transactions or payments can be made by investors for the delivery of bonds. This is usually the date that insurance underwriters get paid for the transaction. Synonymous with Delivery Date, Settlement Date and Date of Issuance.
acquisition date, takeover date
Related Terms and Acronyms
- Closing — Definition,
- In real estate, the delivery of a deed, the payment of the purchase price, the signing of notes, and the paying of closing costs, which completes a real estate transaction.
- Closing Date Notice (CDN) — Acronym,
- Due-on-sale Clause — Definition,
- A condition of a mortgage that states that the loan must be paid when the house is sold. Commonly used in reverse mortgage lending.
- Housing-equity Partnership — Definition,
- An arrangement in which one buyer lives in a home and the other has an ownership stake as an investment. The partners split the capital gain after the property is sold.
- Origination Date — Definition,
- The date on which a loan is funded.
- Origination Fee — Definition,
- The fee a lender charges to process a loan. It usually includes the cost to prepare loan documents, check a borrower's credit history, inspect the property and sometimes conduct an appraisal. CanEquity will in most cases use a lender who doesn't charge this fee or we will cover the cost in full.
- Possession — Definition,
- Something that is owned.
- The condition of having signed all the papers at closing and having received keys to the house.
- Transaction Date (TRNSDATE) — Acronym,
- The date that goods or services were purchased or the date the cash advance was made.
- Transfer of Title (TOT) — Acronym,
- A document signed by the seller and purchaser transferring ownership, at which time the document is registered against the property.
- Walk-through — Definition,
- A buyer's final inspection of a property, usually on the day of closing or the day before.