2nd October 2019

nab
16

How does settlement work when buying a house?

On settlement day, at an agreed time and place, your settlement agent (solicitor or conveyancer) meets with your lender and the seller's representatives to exchange documents. Your lender will: register a mortgage against the title of your new property. provide the funds to purchase the new property.

What is a settlement in a mortgage?

Answer: The “closing” is the last step in buying and financing a home. The "closing,” also called “settlement,” is when you and all the other parties in a mortgage loan transaction sign the necessary documents. After signing these documents, you become responsible for the mortgage loan.
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