Settlement

When a property's sale or purchase is completed

Depending on where you live, settlement can either be in escrow, or a sit-down meeting between the buyer and seller. The rules for settlement vary from state to state, as well as from county to county, but typically here's what takes place: (1) the buyer pays for the home and closing costs in one lump-sum; (2) the buyer and seller sign the closing documents; (3) the deed is recorded; and (4) the mortgage officially begins. If settlement is a meeting, the buyer and seller are often joined by mortgage brokers, attorneys, a lender representative or title officer. Settlement is also called closing.

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