closing

(klō'zĭng)
n.

1. The end or conclusion: the closing of a debate.
2. A meeting for completing a transaction, especially one at which contracts are signed transferring ownership of real estate.

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1. consummation of a transaction involving the sale of real estate or of 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.


2. in accounting, the process that occurs at year-end when final accounting entries are made to close the books.
See close.

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1. the act of transferring ownership of a property from seller to buyer in accordance with a sales contract. Same as settlement .


2. 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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Next:	Closing Agent, Closing Costs

adjective

Coming after all others: concluding, final, last, terminal. See start/end.

noun

A concluding or terminating: cease, cessation, close, closure, completion, conclusion, consummation, end, ending, end of the line, finish, period, stop, stopping point, termination, terminus, wind-up, wrap-up. See continue/stop/pause.

This entry contains information applicable to United States law only.

The final transaction between a buyer and seller of real property.

At the closing, all agreements between buyer and seller are finalized, documents are signed and exchanged, money passes to the seller, and title to the property passes to the buyer.

Closings generally take place at the office of the title company, which issues title insurance to both buyer and lender. This insurance is issued after the title company has researched the chain of title to the property and cleared any matter that might interfere with a successful transfer of title.

Both the buyer and the seller may be represented by attorneys who review the closing package, which may include more than twenty-five documents and affidavits required by a raft of regulations. The buyer's attorney, if any, also reviews the title company's research to ensure that the buyer receives clear title.

An agent of the title company conducts and facilitates the closing. At the closing, the buyer reviews and endorses all loan documents, which may include the following: [bl]the mortgage,

the promissory note by which the buyer promises to pay the loan and interest in full,

a truth-in-lending statement, in which the lender informs the buyer of the approximate annual percentage rate over the term of the loan,

various affidavits and inspection forms,

a survey form indicating that the buyer has seen and understands the survey, and

a private mortgage insurance application, if required.

The seller also endorses a number of documents at the closing. These may include the following: [bl]the deed transferring title to the buyer,

a bill of sale transferring ownership of any personal property included in the sale,

any required affidavits, such as affidavits concerning mechanic's liens or inspections, and,

in the case of new construction, a certificate of occupancy.

Among the documents that both the buyer and the seller sign are an affidavit indicating the source of the funds the buyer is using to purchase the property, and a settlement statement showing all the costs associated with the transaction. This statement, required by the Real Estate Settlement Procedure Act of 1974 (RESPA) (12 U.S.C.A. § 2601 et seq.), is required in all transactions involving a mortgage from any lender whose funds are federally insured or regulated. RESPA mandates full disclosure by the lender of all the terms and conditions of the loan, as well as a good-faith estimate of the buyer's closing costs. These may include fees for the loan origination process, credit report, appraisal, title search, survey, and administrative procedures.

At closing, the buyer also pays the contract sale price, minus any earnest money deposited, usually in certified funds; loan discount fees, or points, charged by the lender to obtain the mortgage; and attorneys' fees. The buyer is often required to purchase separate buyer's and lender's title insurance policies, although in some areas this expense is split between buyer and seller.

Once all the necessary signatures have been obtained and the monies have been disbursed, the buyer takes possession of the property. In some areas, it is customary to allow the seller a short period of time to vacate the premises; in other areas, the seller may be expected to move out before the closing. If any disputes arise at closing, the title company may escrow a portion of the funds to settle the dispute later so that the closing can be concluded.

Usually applied to real estate transactions, it refers to delivery of the deed of ownership from the owner to the buyer in return for full payment.

1. The end of a trading session. The closing of a trading day halts trading on exchanges. After-hours trading still occurs until 8 pm.

2. An action which will eliminate your position in a security. Closing a position is done by taking an action which will take away your exposure to risk.

3. The final procedure in a sale in which documents are signed and recorded. This is the time when the ownership of the property is transferred.

Investopedia Says:

1. The close of the New York Stock Exchange is marked by ringing a bell at 4 pm EST. The closing price is often quoted and used when looking at historical prices.

2. For example if you own a stock, then you can close your position by selling it.

3. Closing is often referred to in sales as the act of convincing the purchaser to actually purchase, often seen as the toughest part.

Related Links:
Here are the answers to all the questions you have about stock exchanges but are too afraid to ask! Getting To Know The Stock Exchanges
Thinking of buying a home? We look at the initial and ongoing costs as well as the so-called benefits. To Rent or Buy? The Financial Issues
What is history behind the opening and closing bells on the NYSE?
We provide top tips on how to help sell your home in a rough market. Closing A Real Estate Deal In A Down Market
Learn the 10 steps that lead up to closing the deal on your new home and taking possession. Understanding The Escrow Process
It's the biggest purchase of your life - find out what can go wrong before you even close the deal. 10 Hurdles To Closing On A New Home
A long list of things needs to happen before a home becomes yours. Find out what to expect. 12 Steps To Closing A Real Estate Deal
Why don't stocks begin trading at the previous day's closing price?
In the forex market, how is the closing price of a currency pair determined?
Learn the 10 steps that lead up to closing the deal on your new home and taking possession. Understanding The Escrow Process

IN BRIEF: A concluding part of a speech or presentation.

The closing speech was the longest one of the evening.

LearnThatWord.com is a free vocabulary and spelling program where you only pay for results!

For a list of words related to closing, see:

• Laws, Procedures, and Court Proceedings - closing: final exchange of title and monies in real estate transaction
• Mortgages and Financing - closing: final approval of escrow in property purchase; gathering of all parties to consummate real estate transaction; settlement

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Dansk (Danish)
n. - lukning, slutning

idioms:

• closing price    slutkurs
• closing time    lukketid

Nederlands (Dutch)
(af)sluiting, opheffing

Français (French)
n. - fermeture, clôture

idioms:

• closing price    dernier cours
• closing time    heure de fermeture

Deutsch (German)
n. - Abschluß, Schließung

idioms:

• closing price    (econ.) Schlußnotierung, Schlußwert
• closing time    Geschäftsschluß, Polizeistunde

Ελληνική (Greek)
n. - κλείσιμο (μαγαζιού, βιβλίων κ.λπ.)

idioms:

• closing price    (οικον.) τιμή κλεισίματος (χρηματιστηρίου)
• closing time    ώρα κλεισίματος (καταστημάτων κ.λπ.)

Italiano (Italian)
chiusura

idioms:

• closing price    prezzo di chiusura
• closing time    ora di chiusura, orario di chiusura

Português (Portuguese)
n. - encerramento (m)

idioms:

• closing price    preço (m) final
• closing time    horário (m) de encerramento

Русский (Russian)
заключение, окончание, закрытие

idioms:

• closing price    заключительный курс
• closing time    время закрытия

Español (Spanish)
n. - cierre, clausura, terminación, conclusión, liquidación

idioms:

• closing price    cotización de cierre
• closing time    hora de cierre

Svenska (Swedish)
n. - stängning, avslutning

中文（简体）(Chinese (Simplified))
结束

idioms:

• closing price    收盘价格
• closing time    打烊时间, 停止营业时间

中文（繁體）(Chinese (Traditional))
n. - 結束

idioms:

• closing price    收盤價格
• closing time    打烊時間, 停止營業時間

한국어 (Korean)
n. - 폐쇄, 종결, 결산

日本語 (Japanese)
n. - 閉鎖, 終了, 締め切り, 結びのことば, 終結, 決算, 締め具
adj. - 終わりの, 閉会の

idioms:

• closing price    終値
• closing time    閉店時刻

العربيه (Arabic)
‏(الاسم) اغلاق, ختام‏

עברית (Hebrew)
n. - ‮מסיים, של סגירה‬

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