What does "closing a deal" usually refer to? Also, can someone walk through a typical step-by-step process of closing a deal?
In Real estate "Closing" or "Settlement" or Opening Escrow" is the process of formalizing the transfer of the property. This is done by a title company or Escrow company.
Basically you give the contract to the title company and they research the title and make sure all back bills are paid. They prepare a settlement statement called HUD-1 which brakes down all the costs for the seller and the buyer. When the money is paid the title company records the appropriate documents in the land records.
One the contract is written with the seller, the title company does most of the work.
It varies depending on the conversation. Like Ned said, it usually means completing the buying process where they give you a deed and you give them the money. it is more complicated than this but that is the concept.
Around BP, 'closing a deal' is often the excited posting of a newbie Wholesaler who had likely been on tenterhooks for months, having agreed to buy from a Seller at a set price on a set date (ie. Contract signed, but not yet "closed"), but without yet knowing who on earth that Buyer was going to be that will pay them more than the Contract price, but joy of joys, found one just in time, so was able to 'close the deal' - and boast about their wholesaling profit! Cheers...
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