Homonym: closing (Closure)
Closing refers to the final step in a transaction, particularly in real estate or business deals. It involves the completion of all necessary paperwork, the transfer of ownership, and the disbursement of funds. During this process, all parties involved review and sign documents to finalize the agreement.
In real estate, closing typically includes a title search, inspection reports, and the signing of the deed. Once everything is in order, the buyer receives the keys to the property, and the seller receives payment. This ensures that both parties fulfill their obligations and the transaction is legally binding.