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What is a real estate settlement?

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Settlement is the process by which a contract to buy and sell real estate is completed. Settlement representatives ensure that legal title to real estate is transferred from sellers to buyers, rates are adjusted and the purchase price is paid.

The seller and the buyer each need a settlement representative. It is permissible for both parties to have the same representative however it is usually preferable for the parties to be separately represented.

Want more information? Read our post – What does a settlement agent do?

 

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