Closing, in a legal context, refers to the final step in completing a transaction, such as a real estate sale or business deal. During the closing process, all necessary legal documents are executed, funds are transferred, and ownership or other rights are officially transferred from one party to another. It involves the formalisation of the terms agreed upon by the parties involved and ensures that all legal requirements are met before the transaction is considered finalised. The closing may take place in person or through electronic means, depending on the nature of the transaction and local regulations.
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This glossary post was last updated: 29th March, 2024.
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