Settlement agent

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Settlement Agent

A person responsible for ensuring that all laws and regulations are followed in transferring real estate from one owner to the next. For example, when one sells his/her house, the settlement agent performs the title search and conducts other activities necessary for the real estate to close smoothly. Generally speaking, a settlement agent does not represent either party in a real estate transaction. Some U.S. states require a settlement agent to work on real estate transactions.

Settlement agent.

In some states, a settlement agent, or closing agent, handles the real estate transaction when you buy or sell a home.

He or she oversees title searches, legal documents, fee payments, and other details of transferring property, acting on your behalf to ensure that the conditions of the contract have been met and appropriate real estate taxes have been paid.

A settlement agent also represents you at the closing, so you don't need to be present.

References in periodicals archive ?
First National Bank of Omaha (FNBO) and ATS Secured have announced their unique joint solution to the settlement and title industry that reduces wire fraud and data errors, shortens closing times, and helps settlement agents increase closing volume, the companies said.
The CPD programs are delivered face-to-face to real estate agents, business brokers, settlement agents, real estate sales representatives and real estate property managers, who are licensed or registered under Western Australian legislation and carrying out business in this State.
AtClose gives settlement agents complete control over which documents will be pushed for e-signatures, and when they should be made available to the respective individual(s).
In its first phase, the platform which manages the communications between borrowers, co-borrowers, real estate agents, sellers, attorneys, lending staff, title agents and settlement agents on mortgage transactions will be offered as a standalone product.
A company press release notes that "The Simplifile Collaboration service allows lenders to interact with settlement agents in real time to determine the appropriate fees for a transaction.
Curiously, settlement agents receive no payment from the lender for their services in that capacity.
This was a fantastic opportunity to remind Director Cordray of the important role title and settlement agents play in the safe and efficient transfer of real estate.
In its first phase, the platform -- which manages the communications between borrowers, co-borrowers, real estate agents, sellers, attorneys, lending staff, title agents and settlement agents on mortgage transactions -- will be offered as a standalone product.
It offers connectivity to a network of settlement agents, and support for data-validated electronic mortgage, including electronic document delivery (e-delivery), e-signature, e-closing, and e-recording as well as electronically registering and submitting the mortgage note to an electronic vault.
SJV Burlingame, California-based CompianceEase announced the release of a new solution to enable lenders and settlement agents to communicate more seamlessly and exchange data securely to remain in compliance with the Know Before You Owe borrower disclosure rule.
The Cognops Plan B Portal collaborates electronically with settlement agents for their required data inputs for the Loan Estimate and Closing Disclosure via simple email invitation.
Regrettably, the Bureau continues to use a tolerance concept that has resulted in consumers receiving inflated estimates and prevents title and settlement agents from competing fairly with one another.