Contracts
In South Dakota real estate transactions, 'closing' or 'settlement' refers to:
AThe final negotiation between buyer and seller on price
BThe event at which ownership transfers from seller to buyer, funds are distributed, and documents are signed✓ Correct
CThe period between offer acceptance and contract execution
DThe title search and examination process
Explanation
Closing (or settlement) is the final step in a real estate transaction where the buyer and seller (or their representatives) sign the required documents, the purchase price is paid, closing costs are distributed, and ownership of the property is transferred.
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