On 2017-07-15 12:10 PM, jmcquown wrote:
> On 7/15/2017 11:56 AM, wrote:
>> Jill is incorrect and property deals are different over here, my
>> cousin twice lost houses she was ready to move to in the Surrey area
>> because in your system the deal is not legally binding until the day
>> it takes place.
>>
> How is "the day it takes place" different from "closing"? The exchange
> of money and handing over the deed to the property means it's accepted,
> it's done. SOLD.
The closing date is the date that the money and title change hands, the
mortgage kicks in and all that financial stuff. There is also the
statement of adjustment to deal with. They get electrical meter
readings, water and gas meter, fill the oil tank, calculate the share of
annual property tax and stuff like that.