What does it mean when it's stated "the day of closing belongs to the buyer"?

When it is stated, "the day of closing belongs to the buyer," it primarily emphasizes that from the moment the closing transaction is finalized, the buyer takes ownership of the property. As a result, the buyer becomes responsible for property taxes from that day onward. This means that any tax assessments or obligations attached to the property after the closing date will fall under the buyer's responsibility.

Ownership transfer at closing signifies that the seller has fully relinquished their rights to the property, and all associated financial responsibilities, such as property taxes, are now the buyer’s. This concept is foundational in real estate transactions and clarifies expectations for both parties involved during the closing process. The determination of tax responsibility aligns with common practice in property transactions where ownership indicates financial liability moving forward.

The other choices do not fully capture the implications of the day of closing. The seller's ownership ceases, but they are not publicly held responsible for taxes after that date, and shared responsibilities would typically not apply unless otherwise stipulated in a specific agreement.