What is the last step in a real estate transaction called, where ownership is transferred from seller to buyer?

What is the last step in a real estate transaction called, where ownership is transferred from seller to buyer?

• A. Settlement
• B. Closing
• C. Finalization
• D. Transfer

Answer: (B)

The process that refers to the final step in a real estate transaction, where the ownership of the property is officially transferred from the seller to the buyer, is known as "closing." This is a critical event in the purchasing process, as it involves the completion of all required documentation, the payment of closing costs, and the formal exchange of property deeds. During closing, both parties typically meet to sign various documents, finalize mortgage agreements, and ensure that any outstanding issues, such as liens or contingencies, are resolved. The term "closing" encapsulates the culmination of all the negotiations and agreements made throughout the transaction, representing the moment when the buyer becomes the legal owner of the property. This is why the correct answer is "closing," as it specifically denotes this conclusive step in the real estate process.

The process that refers to the final step in a real estate transaction, where the ownership of the property is officially transferred from the seller to the buyer, is known as "closing." This is a critical event in the purchasing process, as it involves the completion of all required documentation, the payment of closing costs, and the formal exchange of property deeds. During closing, both parties typically meet to sign various documents, finalize mortgage agreements, and ensure that any outstanding issues, such as liens or contingencies, are resolved.

The term "closing" encapsulates the culmination of all the negotiations and agreements made throughout the transaction, representing the moment when the buyer becomes the legal owner of the property. This is why the correct answer is "closing," as it specifically denotes this conclusive step in the real estate process.