Closed

In depth

Closed status finalizes a transaction, with the deed recorded, loans funded or seller financing executed, and proceeds delivered. Closed sales become comparables (comps) for future valuations. Misconception: closed does not mean the property is paid for in full; in seller-financed deals, the buyer takes title (or equitable title) but still owes the balance over time. Practically, FSBO sellers and their title companies report closing dates to the MLS, triggering the listing status change. Closed sales drive the comparative market analysis that informs future pricing. Tax assessors update their records based on closed sales, which can affect property tax assessments. Closing date triggers begin and end key tax calendars, including the 45/180 day clocks for 1031 exchanges.