More formally referred to as Completion Date, or sometimes Date of Possession, the Closing Day is the day the sale "closes" - when the buyer pays the seller and ownership is transferred.
Closing can happen any time during the day, usually up to about 4:00pm. My experience is that many sales close earlier in the day, but one of the more typical delaying factors is how promptly the buyer's mortgage lender gets the funds to the buyer's lawyer (the lawyer obviously can't pay the seller's lawyer until this happens).
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