What is the term for the point at which ownership of a property is transferred?

The correct term for the point at which ownership of a property is transferred is "closing." This process is essential in real estate transactions, as it marks the final step where all necessary documents are signed, funds are exchanged, and the title of the property officially changes hands from the seller to the buyer. During closing, various parties, including buyers, sellers, and sometimes real estate agents and attorneys, come together to complete the sale.

While other terms like "title transfer," "settlement," and "finalization" are related to the process, closing specifically encompasses the entire event that finalizes the sale and formally signifies the transfer of property ownership. Understanding this term is crucial for anyone entering the real estate industry, as it highlights the culmination of a transaction and the legal processes involved in transferring property rights.