What is a closing?
The Bankrate.com financial term of the day is: "closing."
Closing time at a store or bar means the business day is done. A closing in real estate means the sale is done. The closing is the meeting at which all the documents are signed and ownership of the property is transferred from the seller to the buyer.
A closing brings a real estate transaction to a close, formally putting a property in new hands.
To find the best mortgage rates, visit the rate tables at Bankrate.com.
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You go to buy a car. You have cash or financing in hand, but the dealer says, "Sorry, federal law requires a credit check. The Patriot Act, you know."
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