What is the term for the settlement of a real estate transaction?

The term used to describe the settlement of a real estate transaction is "closing." This is the process where the final documents are executed, funds are exchanged, and legal ownership of the property is transferred from the seller to the buyer. During the closing, various parties attend, including the buyer, seller, and possibly attorneys or real estate agents, to ensure that all terms and conditions of the sale are met.

Closing occurs after all necessary inspections, financing arrangements, and contingencies have been resolved, making it a crucial step in the transaction process. The term encapsulates not only the completion of the sale but also the organized final steps that take place formally, ensuring everything from title transfer to final payments is legally documented and recognized.

The other terms, while related to the concept of concluding a real estate transaction, do not specifically capture the formal process and set of activities that closing entails. They might refer to different aspects of finalizing agreements or other contexts outside of real estate.