Real Estate Term
Closing
The final step in a real estate transaction where ownership transfers from seller to buyer.
What is Closing?
Closing is the final stage of a real estate transaction, when ownership legally transfers from the seller to the buyer. On the closing date, the buyer's lawyer or notary exchanges the remaining funds, registers the transfer of title, and the buyer receives the keys. A range of closing costs — legal fees, land transfer tax, and adjustments — are also settled at this point.
Frequently asked questions
Related terms
Closing CostsFees and expenses paid at closing, including legal fees, land transfer tax, and other charges.DeedA legal document that transfers ownership of real property from one party to another.TitleLegal ownership of a property.EscrowA neutral third party that holds funds or documents until specific conditions are met.MortgageA loan used to purchase real estate, with the property serving as collateral.
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