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The Real Estate Settlement, or closing, is the final step in a property transaction. It’s when the property officially changes ownership from the seller to the buyer. This typically takes place in a meeting with the buyer, seller, real estate agents, title company, and lender.
The settlement process ensures all legal and financial matters are properly handled, so both buyers and sellers should be familiar with it.ly with their real estate agents and other professionals to ensure a smooth and successful settlement.
The Real Estate Settlement Procedures Act (RESPA) covers a range of services involved in closing a real estate deal, whether you’re buying, selling, or refinancing a home. These services ensure that everything runs smoothly and fairly.
Types of Settlement Services:
RESPA protects you from hidden fees and unfair practices, ensuring a smoother and more transparent real estate closing process.