What is the term for the meeting where all parties execute documents and funds change hands?

The term for the meeting where all parties execute documents and funds change hands is "Closing" or "Settlement." This stage is crucial in the mortgage process as it finalizes the transaction. During the closing, the buyer and seller come together to officially transfer ownership of the property. Typically, all relevant documentation is signed, including the mortgage agreement and deed, which formalizes the transaction.

Additionally, this is when financial exchanges occur, such as the buyer providing the necessary funds to close the sale, and the seller transferring the title to the buyer. This meeting is vital for ensuring that all legal requirements are met, and it signifies the completion of the property purchase process, allowing the buyer to take possession of the home.

Although other terms may seem related, they do not accurately encompass the entire process as the term "closing" does. For example, a transaction meeting and property transfer meeting may refer to specific discussions and agreements but do not specifically address the execution of documents and transfer of funds. An agreement session does not suffice to indicate the comprehensive nature of the closing process. Thus, the term "Closing or Settlement" is the accepted term within real estate and mortgage contexts.