The day on which the formalities of a real estate sale are finished. The certificate of title, abstract, and deed are generally prepared for the closing by the title company and this cost is shared by the buyer and the seller. The buyer signs the mortgage, and closing costs are paid. The final closing merely reiterates the original agreement reached in the agreement of sale.
The day specified in a real estate contract when the sale of a property is finalized by the buyers and sellers signing certain documents to transfer the title of the property and paying closing costs. Also known as the Settlement or Closing.
The day on which the formalities of a real estate sale are concluded. The certificate of title, abstract and deed are generally prepared for the closing by an attorney and this cost charged to the buyer. The buyer signs the mortgage and closing costs are paid. The final closing merely confirms the original agreement reached in the agreement of sale.