Definition of Terms: COMPLETION(CLOSING) DATE in real estate deals

You may have heard of this term and another one that means the same thing: CLOSING DATE. I have a deal that is closing soon and I thought I'd let some of you who are not familiar with the term know it better.

 

Let me share a definition from the Real Estate Encyclopedia, Canadian Edition:

COMPLETION DATE is the date when title to real property transfers to the new owner at the land registry or land titles office, frequently referred to as the closing date. The transaction is normally viewed as complete when the respective solicitors meet at the land registry or land titles office and exchange the necessary completed documentation. When the deed or transfer is accepted for registration, the transaction is complete, and money and keys are exchanged.

 

Thus, Completion/Closing date is the date that the property you purchased becomes officially yours, or the property you sold no longer belongs to you. This is one of the items usually negotiated by the buyer with the seller during the offer process.

Daniel Braganza

Daniel Braganza

Sales Representative
CENTURY 21 King's Quay Real Estate Inc., Brokerage*
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