What is "closing"

closing \closing\ adj. final or ending; terminal; as, the closing stages of the election; the closing weeks of the year; the closing scene of the film; closing remarks. Opposite of opening. [Narrower terms: year-end]

closing \closing\ n.

1. the act of closing something.

   Syn: shutting.

2. the last section of a communication.

   Syn: conclusion, close, ending.

3. termination of operations.

   Syn: closure, closedown, shutdown.

4. a concluding action.

   Syn: completion, culmination, windup, mop up.

5. (Commerce) the final action in a commercial transaction, especially the meeting between buyer and seller (and in some cases mortgagee), or their representatives, in a transaction for sale of real estate in which all documents are signed and all procedures carried out to complete the sale; -- called also real estate closing.

late 14c., "act of closing; that which closes," verbal noun from close (v.).

1. Coming after all others. n. 1 The act by which something is closed. 2 The end or conclusion of something 3 The final procedure in a house sale when documents are signed and recorded. v

2. (present participle of close English)

adj. final or ending; "the closing stages of the election"; "the closing weeks of the year"; "the closing scene of the film"; "closing remarks" [ant: opening]

1. n. the act of closing something [syn: shutting] [ant: opening]

2. the last section of a communication; "in conclusion I want to say..." [syn: conclusion, end, close, ending]

3. approaching a particular destination; a coming closer; a narrowing of a gap; "the ship's rapid rate of closing gave them little time to avoid a collision" [syn: closure]

4. termination of operations; "they regretted the closure of the day care center" [syn: closure, closedown, shutdown]

5. a concluding action [syn: completion, culmination, windup, mop up]

In mathematical morphology, the '''closing ''' of a set ( binary image) A by a structuring element B is the erosion of the dilation of that set,

A • B = (A ⊕ B) ⊖ B,  

where  ⊕  and  ⊖  denote the dilation and erosion, respectively.

In image processing, closing is, together with opening, the basic workhorse of morphological noise removal. Opening removes small objects, while closing removes small holes.

Closing may refer to:

• Closing a letter or e-mail (see valediction)
• Closing a business
• Closing (real estate), the final step in executing a real estate transaction
• Closing (sales), making a sale
• Closing (law), a closing argument, a summation
• Closing (morphology), in image processing
• Finalize (optical discs), the optional last step in the authoring process
• "Closing", a song by Enter Shikari from the album Take to the Skies

Closing is a sales term which refers to the process of making a sale. The sales sense springs from real estate, where closing is the final step of a transaction. In sales, it is used more generally to mean achievement of the desired outcome, which may be an exchange of money or acquiring a signature. Salespeople are often taught to think of targets not as strangers, but rather as prospective customers who already want or need what is being sold. Such prospects need only be "closed."

"Closing" is distinguished from ordinary practices such as explaining a product's benefits or justifying an expense. It is reserved for more artful means of persuasion, which some compare with confidence tricks. For example, a salesman might mention that his product is popular with a person's neighbors, knowing that people tend to follow perceived trends. This is known as the Jones Theory.

In automobile dealerships, a "Closer" is often a senior salesman experienced in closing difficult deals.

In Real Estate a top sales representative's take on the earliest form of the word "Closer" as in closing escrow.

Closing techniques include major and minor closing questions for example: Minor Close - "Mr. Customer, would you prefer lighter or darker flooring in your new home?" Minor Close - "Mr. Customer, would you like go with standard kitchen countertops or do you prefer to go with the granite upgrade?" Major Close - "Mr. Customer, now that we've taken care of your flooring and countertop preferences let's step in to my office so that we can wrap up the paperwork on your new home".

Big time pros avoid using the word "closed" as in "the deal is over" unless they have affirmed the sale. A firm "no" from the customer is never the end of the sales process and thus that buyer/seller has not been closed. A true top gun pro will revisit this buyer/seller a countless number of times until the sale is affirmed.

Since fear of rejection is one of the biggest impediments to sales success for many people in sales functions they don't actually ask for the business. Hence the constant search for "closers" in sales recruitment.

All of the "closing" techniques below are different ways to ask for the business. No matter how skillfully applied the customer has the option to answer "No."

Closing (also referred to as completion or settlement) is the final step in executing a real estate transaction.

The closing date is set during the negotiation phase, and is usually several weeks after the offer is formally accepted. On the closing date, the ownership of the property is transferred to the buyer. In most jurisdictions, ownership is officially transferred when a deed from the seller is delivered to the buyer. Lenders providing a mortgage loan will often require title service, including title search and title insurance, appraisal, land survey, and attorneys to be involved.

Several things happen during closing:

• The buyer and/or his/her lender delivers a cheque (generally in the US, a cashier's check or wire transfer) for the balance owed on the purchase price.
• The seller signs the deed over to the buyer and gives it to the buyer. A recorder's office which would record the deed commonly requires the seller's signature to be notarized. If applicable, a mortgage will also be recorded. In jurisdictions that use the Torrens title system, such as New Zealand and Australia, this step involves the lodging of a transfer instrument with the relevant Registrar.
• Commonly, the seller delivers possession to the buyer, typically by giving the buyer keys for any buildings or apartment. Unless otherwise specified in the real estate contract, delivery of possession should be at the closing.
• A title company, lawyer, notary, or the buyer registers the new deed with the local land registry office or recorder's office. A declaration or statement by the buyer or seller regarding the purchase price may have to be filed with the government. Conveyancing taxes and recorder's fee will typically have to be paid, which are part of the closing costs.
• The seller receives a cheque or bank transfer for the proceeds of the sale, less closing costs and mortgage payouts.
• From the funds allotted for closing costs, prepayments for real estate taxes and insurance may be required, and fees charged by other parties may be paid, such as real estate brokers/agents, title companies, lawyers, etc.

In some states, closing in escrow may occur. In this process, a title company or other trusted party holds the money and the signed deed, and arranges for the transfer. This is primarily so that the seller can give up ownership of the property, and the buyer can hand over the payment, without both parties having to be present at the closing at the same time. Escrow ensures an orderly transaction, or if something goes wrong, an orderly termination of the agreement.

In other states, a process called settlement takes place on a specified date and time during which all parties (usually including the agents involved) meet at a settlement company, and which is presided over or supervised by a lawyer or settlement agent. At that time, the settlement agent disburses all funds listed on the settlement statement (in form of certified or wired funds) and the property conveyance takes place, and the deed is then recorded by the settlement company.

A reference to completion is in effect the same as closing and takes its name from the contract to convey property having been completed once the balance owed on the purchase price has been paid to the seller and title transferred to the buyer.