When a contract involving the sale of real estate calls for the delivery of the deed in return for the purchase price on a certain day, this performance is known as:
A) foreclosure.
B) warranty deed day.
C) contract day.
D) the closing.

Question

Quizplus · Accepted Answer

The correct term for the day when a deed is delivered in exchange for the purchase price in a real estate transaction is "the closing." This is the final step in the transaction where ownership is officially transferred from the seller to the buyer.

When a Contract Involving the Sale of Real Estate Calls