Closing(redirected from closingly)
Also found in: Dictionary, Thesaurus, Legal.
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.
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.