What term describes the process where the buyer pays for the property and the seller conveys title?

The term that describes the process where the buyer pays for the property and the seller conveys title is "Closing." This is the final step in a real estate transaction, where all contractual obligations are fulfilled, funds are exchanged, and the ownership of the property is officially transferred from the seller to the buyer. During closing, necessary documentation is completed, such as the deed, which legally conveys title to the buyer. Additionally, closing typically involves recording the sale with local government authorities, ensuring that the transfer of ownership is documented and recognized legally.

While negotiation refers to the discussions and terms agreed upon before reaching a contract, and a transaction broadly encompasses the entire process of buying and selling, closing specifically narrows down to the final act of completing the sale. A counteroffer, on the other hand, involves one party responding to an offer with different terms, and does not relate to the transfer of title or payment. Hence, "Closing" is the appropriate term for this critical phase in the property purchasing process.