In the context of the Utah approved Real Estate Purchase Contract, what does 'closing' specifically refer to?

In the context of the Utah approved Real Estate Purchase Contract, 'closing' specifically refers to the moment when the real estate transaction is finalized through loan funding and recording. This stage is crucial as it involves the legal transfer of ownership of the property from the seller to the buyer. During closing, all necessary documents are signed, and the financial transactions to fund the purchase are completed. This includes the disbursement of loan funds from the lender, which is essential for the buyer to formally acquire the property. Additionally, the transaction is then recorded in the appropriate county records, ensuring that the property’s title reflects the new ownership.

The other choices, while related to the home buying process, do not capture the full legal and financial completion that 'closing' entails. The final walkthrough is typically performed before closing to ensure the property is in the expected condition. Handing over the keys is an important step, but it occurs at the end of the closing process rather than defining it. Lastly, receiving earnest money deposits is part of the initial stages of a real estate transaction, serving as a sign of the buyer's commitment, but it does not encompass the closing phase itself.