In plain English
This means both sides in the property sale have settled on the handover day. It is the agreed date for the legal completion of the sale, when ownership passes to the buyer.
In context
Here, it reports that the parties to the property transaction have agreed the date when the sale will be legally completed and ownership will pass to the buyer.
- Situation
- Following home-purchase, mortgage, valuation, survey, and closing administration
- What it communicates
- reports that the final handover date has been agreed.
Meaning limits
By itself, this term does not mean that legal completion has already happened, only that the date for it has been agreed.
Examples
“The completion date was agreed on Tuesday, but the flat would not legally pass to the buyer until the following Friday.”
“Once the completion date had been agreed, both sides told the removers when to expect the handover.”