What does ‘closing the deal’ refer to in a real estate transaction?

‘Closing the deal’ in a real estate transaction specifically refers to the finalization of the transaction where the ownership of the property is officially transferred from the seller to the buyer. This process includes the signing of necessary documents such as the deed and mortgage agreement, and often involves the disbursement of funds, making it a critical phase in the property transfer process.

This is where many essential steps culminate, including any required inspections and negotiations conducted prior to this stage. Therefore, the process marks the official completion of the sales agreement, making the transfer of property legal and binding. It is an integral part of a real estate transaction, signifying that all parties have fulfilled their contractual obligations leading up to this point.