Closing, close of escrow – the culmination of a real estate purchase/sale transaction, at which time the ownership of the property is transferred from seller to buyer. The ceremonies specific to any given closing differ in accordance with local custom; some involve both parties, their agents and attorneys sitting around a conference room table, signing papers, and the sellers handing over the keys. In other areas, closing might involve nothing more than a phone call from the escrow holder several days after a party signed their documents indicating that the deed has been recorded with the county.
