The culmination of any transaction in which the interested parties (or their
representatives) meet to exchange documents, funds, and property and, if
necessary, to register the transfer of title.
CLOSING DATE:
Closing will normally involve costs for the buyer and net proceeds for the
seller. To approximately determine the seller costs use the
Closing and initial
cost calculator. To approximately determine seller net proceeds use the
Net proceeds worksheet.
CLOSING DATE:
Also known a Completion Date. The date set in the Agreement of Purchase and Sale
upon which the transaction is to be completed, the purchase price paid and the
transfer of title registered.
CLOSING STATEMENT:
Also known as
HUD-1
statement. A document which sets out the financial agreement between the
parties, the costs each must pay, and all other similar information regarding a
transaction (may be joint or separate for each party).
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© Patrick Taylor 2004-2005