What is established as the last step in a transaction, involving the transfer of actual real property ownership from seller to buyer?

The last step in a transaction involving the transfer of actual real property ownership from the seller to the buyer is known as closing. This process typically involves the finalization of all details related to the sale, including the execution of necessary documents, payment of funds, and the transfer of the title. During closing, the buyer officially takes ownership of the property once all contractual obligations are fulfilled.

At closing, the buyer and seller meet to sign the final paperwork, which may include the deed, closing statement, and other documentation required by local laws or financing agreements. It is at this point that the deed is delivered, officially completing the transfer of ownership. This critical step ensures that all financial arrangements are settled, the title is clear, and the buyer receives the legal rights to the property.

In contrast to this, the other terms refer to different aspects of property transactions. The chain of title represents the historical record of ownership for a property, tracking the successive transfers of title. A certificate of title is a document that certifies the ownership of the property, but it does not complete the transaction. Collateral refers to an asset pledged by a borrower to secure a loan, which is unrelated to the process of property transfer. Understanding these distinctions helps clarify why closing is the