This is the date on which:
- the property buyer pays the purchase price to the property seller, and
- the property seller gives the keys and legal ownership to the property purchaser.
It’s sometimes also referred to as the ‘settlement date’, ‘date of settlement’, ‘completion date’ or ‘date of completion’. It is a very important negotiating point when selling or buying a property as it is the date by which the seller has to move out and both parties will often want this date to correspond with the date when they move out of, or move into, another property.