closing

Definition from Nolo’s Plain-English Law Dictionary

The final step in the sale and purchase of real estate in which the seller's deed of title is exchanged for the buyer's payment. Some of the final documents, including the deed and mortgage or deed of trust, are then recorded in the county recorder's office. Depending on local practice, the closing is handled by a title company, escrow officer, or attorney. Also called settlement.

Definition provided by Nolo’s Plain-English Law Dictionary.