Why it matters
This is the step that delivers a domain after most sales that do not use a push inside one registrar. The seller unlocks the domain and gives the buyer the authorization code. The buyer starts the transfer at the new registrar. Transfers usually finish in a few days, and they add one year to the registration for most extensions. Locks can block it, including the 60-day rule. Common mistake: using a transfer when a same-registrar push would be faster, or paying before the code is confirmed to work.
Source: icann.org
Read nextHow Domain Transfers Work: Auth Codes, Transfer Locks, and Push vs Transfer