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Closing
The process of finalizing the sale of property that includes the transfer of
title from the seller to the buyer. All requirements, such as
mortgages, are signed or
delivered.
A closing (sometimes called a settlement), is the last stage of a real estate
transaction. At the closing, the buyer finalizes his or her mortgage and pays
any closing costs for which he or she is responsible, while the seller finalizes
and hands over the deed and the keys to the property.