The buyer and/or the lender, delivers funds for the transaction in the form of certified checks or wires. The settlement statement is reviewed and approved. The buyer and seller execute all the documents necessary to close on the transaction. The seller signs the deed to the buyer, and gives him possession. The seller receives a check for the proceeds of the sale, less closing costs and mortgage payoffs.
The Settlement Statement
The Settlement Statement is a reflection of the transaction in its entirety. All the money coming into the transaction and being disbursed on and all prorations, should be listed.
Settlement or Closing in Escrow
On the Eastern side of the US, settlement occurs on a specified date and time during which all parties meet at an attorneys office. The transfer of money (in form of certified or wired funds) and the property takes place, and the deed is then recorded in the land records.
Closing in escrow usually occurs in the western half of the United States. The buyer and seller sign documents at separate times or locations. They do not meet face to face. A title company holds the money and the signed deed and other documents, and arranges for the transfer and funding once all documents are executed.
