What occurs during a real estate closing?

During a real estate closing, the primary focus is on the culmination of the transaction where ownership of the property is officially transferred from the seller to the buyer. This process involves the signing of various documents necessary to complete the sale, including the deed, mortgage agreements, and settlement statements. Additionally, at closing, funds are disbursed to reflect the financial aspects of the transaction, such as the purchase price being paid to the seller, closing costs being settled, and any required escrow payments being arranged.

This process is critical because it ensures that all legal formalities are completed, which protects both parties' interests and establishes clear title to the property. In contrast, the other options refer to various aspects of the real estate process that occur before or outside of closing. Negotiation and setting rental rates typically happen earlier in the process, while property inspections and appraisals are conducted to assess the property's condition and value prior to closing. Orientation for new property owners is more of an informational meeting that may occur post-closing to help the buyer acclimate to their new property.