CLOSE_WAIT indicates that the remote endpoint (other side of the connection) has closed the connection. TIME_WAIT indicates that local endpoint (this side) has closed the connection. The connection is being kept around so that any delayed packets can be matched to the connection and handled appropriately.
J. Lafferty, A. McCallum, and F. Pereira. Proceedings of the Eighteenth International Conference on Machine Learning, page 282--289. San Francisco, CA, USA, Morgan Kaufmann Publishers Inc., (2001)