Closing

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Closing

The time trading ends on an exchange. This is important to matters like a security's closing price or closing bid. See also: Open.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

closing

The process of obtaining all necessary signatures, making all required disclosures, and collecting and disbursing all monies in order to transfer title to real estate, execute a mortgage, or both.Closings are regulated by the Real Estate Settlement and Procedures Act.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.

Closing

On a home purchase,the process of transferring ownership from the seller to the buyer,the disbursement of funds from the buyer and the lender to the seller, and the execution of all the documents associated with the sale and the loan.

On a refinance, there is no transfer of ownership, but the closing includes repayment of the old lender.

The Mortgage Encyclopedia. Copyright © 2004 by Jack Guttentag. Used with permission of The McGraw-Hill Companies, Inc.