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LSDefine
Simple English definitions for legal terms
closing
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A quick definition of closing:
Closing: Closing is the final step in a deal or transaction. It usually happens in real estate when the buyer pays for the property and the seller hands over the deed. A lawyer or lending company agent helps with the process, which involves signing many important documents. Once everything is signed, the deal is done and cannot be changed.
A more thorough explanation:
Closing
Closing is the final step in a deal, contract, or transaction. It's when all the necessary paperwork is signed, payment is made, and ownership is transferred. In real estate, closing is when the buyer and seller exchange the deed and payment. This process is usually overseen by a lawyer or lending company agent, and can involve many documents to comply with regulations.
Example 1: After months of negotiations, the two companies finally reached a closing on their merger deal. All the paperwork was signed, and the new company was officially formed.
Example 2: The closing on the house was scheduled for Friday afternoon. The buyer and seller met with their lawyers to sign the final documents and exchange the deed and payment.
These examples illustrate how closing is the final step in a transaction, where all the necessary paperwork is signed and ownership is transferred. In the first example, the closing marks the official formation of a new company. In the second example, the closing is when the buyer officially becomes the owner of the house.