What is a common requirement for a successful real estate transaction?

A signed and recorded deed is a critical requirement for a successful real estate transaction as it serves as the official document that transfers ownership of the property from the seller to the buyer. This deed provides legal proof of the transaction and must be recorded in the appropriate government office to establish the buyer’s ownership rights publicly. Recording the deed ensures that there is a public record of the transaction, which protects the buyer's interests and is essential for establishing clear title to the property.

While other options listed may be relevant to specific transactions, they are not universally required for a transaction to be completed successfully. For example, a valid option agreement may pertain to future rights but does not finalize ownership. Full payment in cash might be one method of payment, but financing options are common and valid in real estate transactions. A financing contingency is a clause that allows buyers to back out if they can't secure a loan, making it conditional rather than a definitive requirement. In contrast, the signed and recorded deed is universally necessary for the transfer of property ownership to be legally recognized.