CLOSING

Closing is the term used to sum up the final process of property being transferred from seller to buyer. This process is also called 'in escrow'. This refers to the escrow company that handles the general accounting of things at the end of the sale to make sure it is handled equitably. This may include settlement of taxes, utilities, repairs etc. Escrow is a neutral third party set up to hold documents and approvals as they are gathered and to disperse the mortgage.

See "Elements of a Purchase Agreement".