SEARCH THE BUSINESS GLOSSARY
- consummation of a transaction involving the sale of real estate orof an interest in real estate, usually by payment of the purchase price (or some agreed portion), delivery of the deed or other instrument of title, and finalizing of collateral matters.
- in accounting, the process that occurs at year-end when final accounting entries are made to close the books. See close .
the act of transferring ownership of a property from seller to buyer in accordance with a sales contract.
the time when a closing takes place.
Example: Abel agrees to purchase a property from Baker. A closing is set up for June l5, at which time Abel and Baker will sign all documents and pay all expenses necessary to transfer ownership and secure financing.
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