Closing
Definition
On a home purchase, the process of transferring ownership from the seller to the buyer, the disbursement of funds from the buyer and the lender to the seller, and the execution of all the documents associated with the sale and the loan. On a refinance, there is no transfer of ownership, but the closing includes repayment of the old lender.
Related Terms Other terms related to 'Closing' starting with the letter 'C' Credit score, Co Borrowers, Cash Out refi, Closing date, Contract knavery Browse by Letter » 1 4 A B C D E F G H I J L M N O P Q R S T U V W Y | 