What does "closing" refer to in real estate transactions?

In real estate transactions, "closing" specifically refers to the transfer of ownership of the property. This process is a critical final step in a real estate deal where all necessary legal documents are signed, financial transactions are completed, and the title of the property is officially conveyed from the seller to the buyer. During closing, various activities take place, including the review and signing of the closing statement, the payment of closing costs, and the disbursement of funds. Upon completion, the buyer receives the keys to the property, which signifies their new ownership.

The other options focus on different phases or aspects of the real estate process. The beginning of a sale pertains to the initial stages of negotiations and listing, while the negotiation phase relates to contract discussions before reaching a sale agreement. The appraisal process assesses the property's value but is not related to the closing event itself. Therefore, the correct understanding of "closing" as the transfer of ownership is essential for comprehending real estate transactions in Delaware and elsewhere.