When is the date of closing for an installment land contract determined?

In an installment land contract, the date of closing is determined when the contract is signed. This is because the signing of the contract marks the official agreement between the buyer and seller, outlining the terms, including payment schedules and the conditions for transfer of title. The closing date is typically agreed upon in the contract and signifies the point at which the buyer will begin to make installment payments and eventually take ownership of the property.

The other options do not accurately represent the establishment of the closing date. While the first payment may signal the beginning of the buyer’s obligations under the contract, it does not determine the closing date itself. The inspection of the unit is more related to the buyer ensuring the property meets their expectations and does not influence the formal closing date. Lastly, the property's recording is an administrative step that occurs after the closing, where the transfer of ownership is made public but does not establish when the closing takes place. Thus, the date is fundamentally defined by the signing of the contract, making it the correct choice.