What is the term for the event where promises in a sales contract are fulfilled and funds are distributed?

The term that describes the event where promises in a sales contract are fulfilled and funds are distributed is "closing." In real estate transactions, closing is a crucial step in which all necessary paperwork is completed, the buyer pays the purchase price (or the balance of it), and the seller transfers ownership of the property to the buyer. This process includes the signing of the deed and other required documents, the disbursement of funds to the appropriate parties (such as sellers, real estate agents, and lenders), and the recording of the transaction with the jurisdiction's office, ensuring that the ownership reflects the new buyer.

Settlement can sometimes be used interchangeably with closing, but it generally refers to the financial arrangement or reconciliation of accounts related to the transaction. Transfer focuses specifically on the conveyance of title from seller to buyer, and agreement simply indicates the contract that outlines the terms of the sale. While those terms are all related to the overall transaction process, closing specifically encompasses the final culmination where all contractual promises are satisfied and funds are exchanged.