What is the closing process in real estate?

The closing process in real estate refers to the procedure where ownership of the property is officially transferred from the seller to the buyer, accompanied by the distribution of funds. This step is crucial as it finalizes the transaction and signifies that all contingencies have been met, the purchase agreement has been fulfilled, and all necessary documents have been signed. During this process, the buyer typically reviews final documents, pays closing costs, and secures their ownership through the recording of the deed.

In contrast, the other choices refer to actions that occur outside the primary closing process. The final inspection pertains to ensuring the property is in the agreed-upon condition before closing; removing a property listing from the market happens post-closing, and the time before final mortgage approval represents an earlier phase in the buying process where financing conditions are being satisfied.