What is the final step in a real estate transaction where ownership is transferred and documents are signed?

The final step in a real estate transaction where ownership is transferred and documents are signed is the real estate closing. During the closing process, important legal documents are executed, including the deed, which officially transfers ownership from the seller to the buyer. This step is critical as it ensures that all financial obligations are settled, including the payment of the purchase price, and that the property title is clear of any liens or encumbrances.

At closing, various parties are involved, including the buyers, sellers, real estate agents, and often a title company or attorney, who help facilitate the transfer and ensure that all legal requirements are met. This is the point at which both parties finalize the transaction, sign all necessary documents, and the buyer receives the keys to their new property.

In contrast, the other alternatives listed—home inspection, property appraisal, and lease agreement—are all preliminary steps that occur before the closing. A home inspection assesses the property's condition, a property appraisal determines its market value, and a lease agreement pertains to rental situations rather than ownership transfers.