The seller delivers the deed and the buyer pays the purchase price in the step referred to as?

The step referred to when the seller delivers the deed and the buyer pays the purchase price is known as closing. Closing signifies the finalization of the real estate transaction, where all the necessary documents are executed and transferred, including the deed, which officially conveys ownership from the seller to the buyer. At closing, the buyer typically provides the payment in full, and the seller completes the transfer of the property through the deed. This is a crucial moment in the transaction, as it marks the completion of the sale and the transfer of property rights.

In real estate transactions, closing involves various participants, including real estate agents, attorneys, and sometimes title companies, all ensuring that the transaction adheres to legal requirements and all necessary documentation is properly handled. This step encompasses not just the exchange of the deed and payment, but also the signing of various documents, payment of closing costs, and the transfer of funds.

The other terms mentioned do not accurately describe this process. Escheat refers to the process by which the state takes possession of property when there are no legal claimants. Approval usually pertains to obtaining necessary permissions or agreements but does not signify the completion of a sale. Hypothecating relates to the act of pledging an asset as collateral for a loan