Closing

Definition:

The process of executing legally binding documents, such as deeds and mortgages commonly associated with the purchase of real estate and borrowing money to assist in the purchase. Also known as “escrow” or “settlement.”

Examples:

There are so many documents to sign, it seems like it takes all day to finish closing the house sale.

As a rule of thumb, you should budget at least five percent of the purchase price of the home to go towards closing costs.