What does the term "closing" refer to in a real estate transaction?

"Closing" in a real estate transaction specifically refers to the final steps where ownership is officially transferred from the seller to the buyer. This process involves several important activities, including the signing of necessary documents, the payment of closing costs, and the recording of the deed with the appropriate government office.

At closing, both parties finalize the details of the sale, which may include the payment of funds, the exchange of keys, and the settling of any outstanding issues related to the property. This event marks the culmination of the real estate transaction and signifies that the buyer now has legal rights to the property in question.