Minnesota State Real Estate Practice Test 2025 - Free Real Estate Practice Questions and Study Guide

To "close a deal" in real estate refers to the finalization of a transaction where ownership of the property is officially transferred from the seller to the buyer. This process involves several critical steps, including signing legal documents, settling any outstanding financial obligations such as mortgages or liens, and ensuring that the title of the property is clear. The closing is typically conducted at a designated location with both parties present, along with their representatives, such as real estate agents and attorneys.

This phrase captures the culmination of all previous efforts in the buying and selling process, indicating that all conditions outlined in the purchase agreement have been met, and all necessary funds have been exchanged. Successfully closing a deal signifies that the property is now under the ownership of the buyer, allowing them to take possession and begin their new chapter as property owners. Each transaction typically culminates in the presentation of keys to the buyer, marking the end of the sales process and the start of their ownership.