Final answer:
The arrangement you're describing, where the buyer pays in full with a check and receives the deed from the seller, is typically considered a cash purchase.
Step-by-step explanation:
When the buyer pays the cost with a lump sum check and the seller delivers the deed, the arrangement is known as a cash purchase. This type of transaction is straightforward with no lender involvement and typically involves the buyer providing the full amount for the property using available funds, resulting in the immediate transfer of homeownership from seller to buyer. Escrow is a related concept where a third-party holds funds to manage property taxes and insurance, but in a cash purchase, escrow is not involved in the actual transfer of property.