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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Agency Closing


Synonyms:closing company, firm, supervisor
Filed Under: financial-banking, legal-contracts, mortgages, real-estate
Tags: banking, contract, legal, mortgage, realty
 

Definition of agency closing

agency closing
1. The use of a title company or agency to supervise the closing meeting where the property is transferred and mortgage is finalized.

Related Terms and Acronyms:

  • abstract of title (ab)   A written history of all the transactions that bear on the title to a specific piece of land. An abstract of title covers the time from when the property was first sold to the present.
      ➥  AB is a common abbreviation for Abstract of Title when used in property listings and real estate classifieds.
  • agent (agt)   A person who acts on behalf of another. In real estate, an agent is a person who conducts transactions on behalf of sellers and sometimes buyers.
  • title company   A company that checks a property's title for liens and other obstacles to sale, fixes any clouds to title, supervises the closing transaction, and makes sure that money transfers in a purchase are processed correctly.

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