Closing
The final step in a real estate transaction where the deed is delivered, documents are signed, and funds are disbursed to complete the transfer of ownership.
Encyclopedia entry: Closing
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closing
Closing refers to the culmination of a deal, contract , or transaction . The term is often used at the end of real estate transactions when the parties exchange deeds for payment and final signatures. Normally, the process is facilitated by a lawyer or agent of a lending company which can involve over twenty required documents due to regulations such as title insurance forms. Once the closing documents are signed, the transaction is binding and irrevocable.
[Last reviewed in June of 2021 by the Wex Definitions Team
]
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Encyclopedia content from Cornell LII Wex (CC-BY-NC-SA 2.5).
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This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.