What does "closing" mean in a real estate transaction?

In a real estate transaction, "closing" refers specifically to the final step where ownership of the property is officially transferred from the seller to the buyer, and all aspects of the transaction are completed. This involves signing the necessary legal documents, paying closing costs, and satisfying any remaining conditions of the sale.

During the closing, the buyer and seller review and sign documents such as the deed, mortgage, and settlement statements. This process finalizes the sale, ensures that all financial obligations are met, and records the transfer of ownership with the appropriate government entities. The successful completion of closing is critical as it marks the point at which the buyer gains legal title to the property and the seller receives payment.

The other choices, while related to the overall process of buying or selling real estate, do not accurately represent what "closing" specifically entails. Preparing a property for viewing, analyzing market trends for pricing, and negotiating between parties happen earlier in the transaction and are important steps leading up to the closing, but they do not constitute the closing itself.