Definition - What does Closing mean?
Closing refers to the last meeting between a real estate buyer and seller. This meeting takes place after a deal has been negotiated and the terms of the sale have been agreed. The events that take place at a closing are the actual exchange of money and title, as well as the signing of legal documents. In the context of the law, once the title has been formally signed over at the closing, the property now belongs to the new owner.
Justipedia explains Closing
The process of putting a piece of real property on the market, finding a buyer negotiating the deal, etc. is a long process. The closing is essentially the last stop on the journey before it's over. Attorneys are oftentimes present at closings to make sure that all of the legal loose ends have been tied up, and to make sure that the process is carried out properly. After the closing is complete, the real estate agent can receive his or her commission from his or her client.
Documents that are reviewed at closings include the mortgage, the truth in lending statement, the actual property deed, the bill of sale, etc.
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