What is the term for the meeting where legal documents are executed and funds change hands during a property transaction?

The term used to describe the meeting where legal documents are executed, and funds are exchanged during a property transaction is known as "Closing" or "Settlement." This event is a crucial step in the real estate transaction process, where all parties involved gather to finalize the transfer of property ownership.

During this meeting, various actions take place, including the signing of the mortgage agreement, deed, and other necessary legal documents. Additionally, the buyer typically pays any closing costs and the purchase price, culminating in the transfer of property from the seller to the buyer. The closing process also ensures that all agreements, conditions, and contingencies stated in the purchase agreement are fulfilled.

While "Finalization," "Transaction Meeting," and "Transfer of Ownership" may sound relevant, they do not capture the specific legal and financial implications associated with a closing or settlement. "Finalization" is a broader term and lacks the formal and legal context inherent in a closing. "Transaction Meeting" does not convey the legal significance or specificity required, and "Transfer of Ownership" merely describes an outcome rather than the process and documentation involved in the closing meeting itself. Thus, "Closing or Settlement" accurately encompasses the entire event where these critical actions occur.