During which phase does ownership transfer in a real estate transaction?

In a real estate transaction, ownership transfer occurs during the closing process. This phase involves the finalization of all necessary agreements and documents that legally change the ownership of the property from the seller to the buyer.

During closing, both parties typically meet to sign the closing documents, which may include the deed that conveys ownership and other important paperwork such as the settlement statement detailing the financial aspects of the transaction. Once these documents are signed, ownership is officially transferred, and the buyer receives the keys to their new property.

The other phases mentioned do not directly involve the transfer of ownership. Loan origination is the stage where a lender processes a borrower's application for a mortgage. Appraisal is the evaluation of the property’s value, usually required by the lender before approval of the loan, and does not involve any change in ownership. Loan underwriting is the assessment of risk and eligibility for a loan, focusing on the borrower's finances rather than the property transaction itself.