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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Closing


Synonyms:concluding, ending, final, finishing, last, takeover
Filed Under: legal-contracts, mortgages, real-estate
Tags: contract, legal, mortgage, realty
 

Definition of closing

closing
1. In real estate, the closing refers to the completion of the real estate transaction. Before closing can occur, there are a number of things that must happen. For example, the deed must be delivered to the buyer, the money must be transferred for the purchase price, the notes must be signed, and the closing costs must be paid in full.

Related Terms and Acronyms:

  • closing costs   The miscellaneous expenses involved in closing a real estate transaction that are over and above the purchase price. Some of the closing costs include title insurance, appraisal fee.
  • closing date (cloda)   The date a buyer takes possession of a property title.
  • corrective work   Repairs or maintenance that a buyer requests be done on a house before closing.
  • deed (D)   A document that provides title to property and is filed with a country recorder.
      ➥  Used to transfer ownership of assets, often land or automobiles.
  • non-recurring closing costs (NRCC)   One-time fees paid at a real-estate settlement, including origination, appraisal, points, title insurance and credit report.
      ➥  Non-recurring fees at closing are those that are paid once such as a property inspection or property appraisal fees. Recurring fees are those that are paid again and again such as property taxes, condo fees and property insurance.
  • pre-paid expenses   also called prepaid items or prepaids -- Recurring costs such as taxes, insurance and interest that are paid at closing and which cannot be financed.
  • purchase price   The total selling price of the home, including the cash down payment and the principal on the loan.
  • walk-through   A buyer's final inspection of a property, usually on the day of closing or the day before.

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