The closing date is the date mutually agreed between a home buyer and seller in a home purchase transaction. In a refinance mortgage transaction, the closing date is the date as set out by the mortgage lender or bank, for the transaction to be complete and funded.

For all mortgages to successfully close on the closing date, all mortgage conditions must be satisfied by the bank or lender no later than 2 days, often 10 to 15 days prior the closing date. The borrower(s) must satisfy all mortgage conditions as set out in their mortgage commitment, in order for the bank or lender to release the funds for the mortgage to the borrower(s) solicitor, to close the mortgage on the closing date.