The culmination of any transaction in which the interested parties (or their
representatives) meet to exchange documents, funds, and property and, if
necessary, to register the transfer of title.
Closing will normally involve costs for the buyer and net proceeds for the seller. To approximately determine the seller costs use the Closing and initial cost calculator. To approximately determine seller net proceeds use the Net proceeds worksheet.
Also known a Completion Date. The date set in the Agreement of Purchase and Sale upon which the transaction is to be completed, the purchase price paid and the transfer of title registered.
Also known as HUD-1 statement. A document which sets out the financial agreement between the parties, the costs each must pay, and all other similar information regarding a transaction (may be joint or separate for each party).
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