What does the term 'settlement' refer to in real estate transactions?

The term 'settlement' in real estate transactions specifically refers to the official transfer of property ownership from the seller to the buyer. This is the stage where all final documents are signed, funds are exchanged, and the title of the property is officially handed over. During settlement, various closing costs and fees are settled, and the buyer receives the keys to their new property. This crucial step signifies the completion of the real estate transaction, marking the moment when the buyer gains legal ownership.

The other options relate to different aspects of the real estate process: listing a property is about marketing it for sale, the negotiation period involves discussions on terms prior to closing, and the time frame before loan approval pertains to the underwriting and funding of the mortgage, but none of these define 'settlement' in the context of real estate transactions.