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When your mortgage is paid off you need to clear the title of the property by discharging the mortgage. This is done by recording a document at the Registry of Deeds usually called a ?Discharge of Mortgage or a Satisfaction of Mortgage?.

The closing date refers to the date when a company purchase and sale transaction is signed off and completed. This date may be different than the effective date, which is the date when the transaction is deemed to have occurred. Most of the time, the closing and effective date of a transaction is the same day.

The completion date is the day the seller receives payment for the property, transferring ownership. They must vacate the home to allow the buyer to begin moving in. If a buyer has no property to sell, they can move into the house either on or after the completion day.

What is a Mortgage Release? A Mortgage Release is where you, the homeowner, voluntarily transfer the ownership of your property to the owner of your mortgage in exchange for a release from your mortgage loan and payments.

The closing date is the date ownership of the property is officially transferred from the seller to the buyer; it's an exciting moment. The home closing process is all of the steps that are outlined in the sale contract that must happen from the time you accept the buyer's offer to the closing date.

While the closing date is the day when ownership of the home is transferred from the sellers to the buyers, the actual moving day, or occupancy date, may or may not happen at a different time. Some home sellers can move out before the closing, allowing the buyers to move in immediately after the closing is complete.

Expected Completion Date or ECD means the date the Buyer and Seller have mutually 'constructed as a trigger date.