It's a date that was chosen by the buyers lender in escrow to finish all the necessary paperwork and signatures, collect the miscellaneous fees. When both parties completed their required part then they can close. The process needs to "close" to be able to do the following
Fund the purchase by the buyers lender to seller.
Transfer "record" the title to the buyer... more
Making the homes as competitive as possible, i.e. doing the fixing up that is required is a very big plus when it comes to impressing the buyers of today's market.
1. If your home is in a neighborhood that is known for rental units you probably do not have to fix anything up to sale the home.
2. If your home is in a neighborhood where the majority is owner occupy, you will need to fix the home up as the new owners will desire a turn key property.