settlement agent

Definition 1
Individual or firm responsible for the final stages of completing a sale (known as the "settlement") between the buyer and seller. Settlement agents are usually responsible for facilitating payment from the buyer to the seller and transferring the property or securities from the seller to the buyer.

Definition 2
Individual or firm acting on a buyer's behalf to him or her purchase property from a seller by securing the title after payment has been made. Settlement agents can be attorneys or representatives of the title office. also called closing agent.

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