What is a settlement?

Property settlement is the process of transferring property from one owner to another. Although the aim of property a settlement is simple, regulations and compulsory procedures mean that the settlement process itself is complex and time consuming. A settlement: Ensures any existing mortgage is paid off, Ensures any caveats on the property are lifted, Ensures all clauses on the Offer and Acceptance are fulfilled, and Registers the transaction with Land records to make the transfer official.