Closing date
The date set in the contract for the sale to close. It can move only if both sides sign an amendment.
Also called: settlement date, COE date, close date
Related terms
The final step of a sale, when documents are signed, money changes hands, the deed is recorded and the buyer gets ownership. In some states everyone signs at a table; in others signing and funding happen separately.
A signed change to a contract that is already in effect, such as a new closing date or lower price. It must be signed by both sides to count.
When the buyer gets the keys and the right to occupy the home. It is often at closing or funding, but the contract can set a later date.
A contract clause that makes every deadline strict. Missing a date, even by a day, can be a breach and can cost the late party their rights under the contract.
A lender's promise to hold a specific interest rate and points for a set period while the loan closes. If the lock expires before closing, extending it can cost extra.