closing legal definition

noun

1. The final step in the purchase of real property or of an interest in real property when a deed or another instrument of title is conveyed to the buyer, the purchase price or a portion thereof is paid, and collateral matters, such as the exchange or transfer of any assignments, insurance policies, leases, and mortgages, are finalized.
2. The termination of the administration of a decedentÂ’s estate after the estateÂ’s assets are distributed, taxes and other liabilities are paid, and all the necessary documents have been filed with the court.