Definition
The term closing is commonly used to describe the "closing" of all transactions involved with the sale of real estate. In some states, the term closing refers to the recording of real estate information at the county office; while in others, the closing is a meeting where the legal paperwork is signed, and money between the buyer and seller is exchanged.
Explanation
Also known as a settlement meeting, typical participants at a closing include attorneys, the party purchasing the home, and the persons selling the home. Real estate agents may also attend a closing.
There are a number of fees, and other monies, which are due at the time of a closing. These costs are referred to as closing or settlement costs, and can be 3 to 5% of the mortgage amount.
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