In real estate, what does "closing" refer to?

"Closing" in real estate refers to the completion of a sale, which is the final step in the transaction process. During closing, the necessary documents are signed, the payment is transferred, and ownership of the property is officially transferred from the seller to the buyer. This typically includes the signing of the deed, settlement statement, and any other required documentation. It is a critical event as it marks the end of the buying and selling process, ensuring both parties fulfill their obligations as outlined in the contract.

The other options pertain to different aspects of real estate transactions. The requirement for a seller to lower the price is unrelated to the closing process, as price negotiations happen before closing. Similarly, negotiating the contract occurs during the initial stages of the transaction and not at closing. The listing period of a property refers to the time frame in which a property is actively marketed, which also takes place prior to the actual closing.