Closing. (n.d.). In YourDictionary. Retrieved from https://www.yourdictionary.com/closing
closing - Legal Definition
The final step in the purchase of real property or of
an interest in real property when a deed or another instrument of title is
conveyed to the buyer, the purchase price or a portion thereof is paid, and
collateral matters, such as the exchange or transfer of any assignments,
insurance policies, leases, and mortgages, are finalized.
The termination of the
administration of a decedent’s estate after the estate’s assets are
distributed, taxes and other liabilities are paid, and all the necessary
documents have been filed with the court.