What is the process called where real estate funds change hands and legal documents are executed?

The process where real estate funds are exchanged and legal documents are executed is commonly referred to as closing or settlement. During this stage, the buyer and seller, along with their respective representatives, come together to finalize the transaction. This involves executing various legal documents such as the deed of transfer, mortgage documents, and settlement statements, which outline the financial details of the transaction. The buyer typically pays the seller, and the title of the property is officially transferred to the new owner. This process is crucial as it ensures that all legal obligations are met and that the property rights are effectively conveyed.

While escrow involves holding funds and documents securely until the conditions of a sale are fulfilled, it is part of the preparatory phase leading up to closing. Title transfer specifically refers to the aspect of legally changing ownership, but it does not encompass the entire process of the transaction. Finalization is a more general term that doesn't capture the specific legal and financial steps involved in closing a real estate deal. Therefore, closing or settlement is the most accurate term for the whole process where funds and documents are exchanged.