closing
Closing refers to the culmination of a deal, contract , or transaction . The term is often used at the end of real estate transactions when the parties exchange deeds for payment and final signatures. Normally, the process is facilitated by a lawyer or agent of a lending company which can involve over twenty required documents due to regulations such as title insurance forms. Once the closing documents are signed, the transaction is binding and irrevocable.
[Last reviewed in June of 2021 by the Wex Definitions Team ]
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