Ace the New York Real Estate Game 2025 – Level Up with NYREI Practice Exam Fun!

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What is one of the primary purposes of closing in a real estate transaction?

To renegotiate the terms of sale

To finalize contracts and transfer ownership

The primary purpose of closing in a real estate transaction is to finalize contracts and transfer ownership of the property from the seller to the buyer. This process involves the signing of all necessary legal documents, including the deed, which officially signifies the change in ownership. During the closing, various financial aspects are also settled, such as the payment of the purchase price, the disbursement of funds to the seller, and the settling of any closing costs or fees involved with the transaction.

This step is crucial because it marks the completion of the sale and ensures that all legal requirements have been met, establishing the new owner's rights to the property. Without this finalization, the transfer of ownership would not be legally recognized, leaving both parties without the protections that formal documentation provides.

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To evaluate property values

To inspect the property for hidden defects

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