Settlement agent

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.
References in periodicals archive ?
Under this broad heading, there are recording fees, title insurance, warranty, settlement fees, appraisal fees, lawyers' charges and settlement agent's fees, along with bills for property taxes, utilities and homeowner's association dues for the months you lived in the house.
The agreement provides for the use of a new settlement model - a settlement agent for clearing and settlement transactions with securities.
In late 2002, the VSB received reports of attorney trust account overdrafts while Tribbey was acting as an attorney settlement agent. Tribbey closed a residential real estate transaction and disbursed monies before the funds were wired into her CRESPA account.
Earlier in his career, Kelley was a Settlement Agent for a title agency in Maryland and a Loan Officer with a Maryland-based mortgage company.
FNBO and ATS will also be offering the solution to other regional settlement agent firms that are not currently conducting business with FNBO.
ISLAMABAD -- The government has started the process for transformation of Central Power Purchasing Agency-Guarantee (CPPA-G) as an independent operator of the country's electricity market from its existing role of a billing and financial settlement agent of the distribution companies.
(NYSE: MFG) (TYO: 8411) (8411.BE), has said that it has selected BNP Paribas Securities Services a unit of BNP Paribas (BNPP.PA) (LSE: BNP) (OTC: BNPQY), as its sub-custodian and settlement agent in Brazil.
Heydasch was the settlement agent for numerous real estate transactions that included unsupported charges and inaccurate payoff amounts on the HUD-1 settlement statements.
As for MCDR, it acts as settlement agent and custodian through its connection with Nasdaq Dubai's central securities depositary to support the transfer of shares between Egypt and Dubai, according to the statement.
MCDR acts as settlement agent and custodian through its connection with Nasdaq Dubai's central securities depositary, to support the transfer of shares between Egypt and Dubai.
Although a HUD-1 Settlement Statement may not always be available, confirmation of a sale price often can be made by contacting parties to the transaction or the settlement agent. This should prove especially useful when a transaction price appears out of line with other comparable prices.