Define “closing” in real estate transactions.

Closing in real estate transactions is indeed the final step in the buying process, where the property title is transferred from the seller to the buyer. This process typically involves signing all necessary documents, settling any outstanding financial obligations related to the transaction, and officially transferring ownership. During closing, both parties, along with their representatives, finalize the details of the sale, including payment arrangements, the delivery of documents, and the distribution of keys. It is a crucial part of the real estate transaction as it marks the point of legal ownership change.

The other choices reflect different aspects of the real estate process but do not accurately describe what closing entails. For instance, appraisals and property inspections occur earlier in the buying process, while renegotiating contracts may happen prior to reaching the closing stage.