Dictionary of Business Terms: preclosing
preclosing
rehearsal of the closing whereby instruments are prepared and signed by some or all parties to the contract; used when closings are expected to be complicated.
Dictionary of Real Estate Terms: preclosing
preclosing
a rehearsal of the closing whereby instruments are prepared and signed by some or all parties to the contract. Used when closings are expected to be complicated.
Example: Preclosings are used when there are many parties to an agreement. This sometimes occurs when there are multiple loans to be arranged and/or multiple buyers or sellers, as when syndicating property or converting an apartment complex to a condominium.
