What usually happens during a property's closing?

During a property's closing, the primary function is to finalize the transfer of ownership of the property and the associated financial obligations. This is the stage where all necessary documentation is signed, which includes the deed that officially transfers ownership from the seller to the buyer. It is also the point at which the buyer pays the purchase price, and any other financial obligations, such as closing costs and fees, are settled. The closing process ensures that both parties have fulfilled the terms of the purchase agreement and that the title is clear and marketable.

In addition, various documents such as the mortgage agreement may be signed if financing is involved, and the new owner typically receives the keys to the property. Thus, the essence of the closing is about completing the transaction, which includes the ownership transfer and the finalization of financial responsibilities, making the statement the accurate choice in discussing what occurs during a closing.