The correct answer is closing. In real estate transactions, the disbursement of trust monies occurs as part of the closing process, which is the final step of a real estate deal. During closing, all parties finalize the sale, and funds—including earnest money or escrow deposits—are disbursed according to the terms outlined in the purchase agreement or contract. It's at this stage that the buyer receives the property title, and the seller receives payment.
Prior events like the termination of agency or documentation of the transaction occur before the actual closing, as they are part of the preparatory steps leading up to this final phase. Although interest accrual on trust funds can occur at any time while the funds are in trust, it does not dictate the sequence of events related to the disbursement of those funds, which culminates at closing. Thus, closing is the last significant event in terms of the disbursement of trust monies.