Definitions (4)
Related Terms
1. Accounting: Transfer of account balances from subsidiary ledgers (containing nominal or temporary accounts) to income summary account at the end of an accounting period. Also called closing the accounts or closing the books.
2. Mortgage lending: Date on which the mortgage deed and loan documents are signed and delivered, and the proceeds of the loan are advanced to the borrower.
3. Real estate: Date on which the title to a property is conveyed to its buyer and the sales proceed funds are transferred to its seller.
4. Selling: Final stage in a selling presentation where a salesperson asks for a buyer's order or commitment to buy.

Use 'closing' in a Sentence

The real estate mogul brought an impressive team of lawyers to the closing of the expensive, expansive property to ensure that all sales proceeds funds would be transferred correctly.
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You need to make sure that you get all of your stuff done before closing so that you don't start the next day to busy.
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I had to get to the store before closing time, or I would have to wait until tomorrow to buy my item.
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