{"ok":true,"canonical_url":"https://dealroom.so/glossary/closing-procedure","api_url":"https://dealroom.so/api/public/glossary/closing-procedure","data_freshness":{"sba_records_through":"2026-05-31","fdic_records_through":"2026-03-31","dealroom_last_updated":"2026-06-15","timezone":"America/Chicago"},"source_summary":["Public SBA 7(a) loan records","FDIC institution data","DealRoom lender and franchise enrichment"],"term":{"slug":"closing-procedure","term":"Closing procedure","group":"Doing the deal","definition":"The final steps to legally transfer ownership and fund the transaction, ensuring all conditions from the purchase agreement are met. Buyers need to understand this process to anticipate tasks and deadlines.","what_it_means":"This involves signing loan documents, transferring funds, and filing legal paperwork. As a buyer, you'll work closely with your lender's closing counsel to ensure all SBA requirements are satisfied, including proper collateralization and equity injection.","url":"https://dealroom.so/glossary/closing-procedure","official_sources":[{"slug":"sop-50-10","title":"SOP 50 10 — Lender and Development Company Loan Programs","official_url":"https://www.sba.gov/document/sop-50-10-lender-development-company-loan-programs","official_label":"View on SBA.gov","authority_tier":2,"publisher":"U.S. Small Business Administration","source_guide_url":"https://dealroom.so/sba-7a/sources/sop-50-10"}],"related":[{"slug":"due-diligence","term":"Due diligence","url":"https://dealroom.so/glossary/due-diligence"},{"slug":"loan-agreement","term":"Loan agreement","url":"https://dealroom.so/glossary/loan-agreement"},{"slug":"escrow-holdback","term":"Escrow / holdback","url":"https://dealroom.so/glossary/escrow-holdback"}],"related_questions":[{"question":"What is the correct procedure for a lender to amend an E-Tran application after initial submission but before authorization?","url":"https://dealroom.so/for-lenders/questions/what-is-the-correct-procedure-for-a-lender-to-amend-an-e-tran-application-after-initial-su"},{"question":"What is the correct procedure for a lender to request a material amendment to an already authorized 7(a) loan in E-Tran?","url":"https://dealroom.so/for-lenders/questions/what-is-the-correct-procedure-for-a-lender-to-request-a-material-amendment-to-an-already-a"},{"question":"Which pre-closing business expenses can count towards equity?","url":"https://dealroom.so/sba-7a/questions/which-pre-closing-business-expenses-can-count-towards-equity"},{"question":"When is an amended SBA loan authorization required after closing?","url":"https://dealroom.so/for-lenders/questions/when-is-an-amended-sba-loan-authorization-required-after-closing"},{"question":"Can working capital be used for unexpected business expenses after closing?","url":"https://dealroom.so/sba-7a/questions/can-working-capital-be-used-for-unexpected-business-expenses-after-closing"},{"question":"Is a cash infusion into the business prior to closing considered equity?","url":"https://dealroom.so/sba-7a/questions/is-a-cash-infusion-into-the-business-prior-to-closing-considered-equity"}]},"caveats":["Definitions represent DealRoom's plain-English interpretation for buyers; verify regulatory terms against the official SBA and eCFR sources listed.","Not legal, tax, or financial advice, and not an SBA eligibility determination."],"citation":{"label":"DealRoom.so Glossary — Closing procedure","url":"https://dealroom.so/glossary/closing-procedure","source_type":"DealRoom Data"}}