Real Estate Terms Glossary
What is a Closing?
Closing refers to the last processing stage of a mortgage loan where the legal property title transfers from the original owner to the new buyer. The closing process or account settlement involves a variety of legal documents to make sure the escrow account is closed. In retrospect, closing signifies the completion of a property purchase.
Closing Examples
Examples of Closing include:
- Example 1: Closing disclosure
- Example 2: Closing promissory note
- Example 3: Closing deed of trust
- Example 4: Closing title
Here is a comprehensive article about the closing.
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