Definition
In real estate, the final transaction where ownership officially transfers from seller to buyer—basically the moment your years of financial anxiety become legally binding. It's where all the paperwork, earnest money, and inspections finally culminate in someone handing you keys and taking your down payment.
Example Usage
We're scheduled to close on the house next Friday, assuming the appraisal doesn't reveal we paid way too much.
Source: Real estate industry standard terminology
Related Terms
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See “close” in Corporate Speak, Gen-Z Slang, Pirate Speak, and more.
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