Escrow & Title
In Pennsylvania, what is the role of the 'settlement agent' at a real estate closing?
ATo represent the buyer's interests in negotiations after the contract is signed
BTo coordinate the closing, collect and disburse funds, ensure all documents are properly executed, and record the deed and mortgage✓ Correct
CTo conduct the appraisal and certify the property's value
DTo mediate disputes between buyer and seller before closing
Explanation
The settlement agent (typically a title company, attorney, or escrow company in Pennsylvania) coordinates the closing process: preparing the settlement statement (Closing Disclosure), collecting funds, ensuring all conditions are met, facilitating execution of all documents, disbursing proceeds to sellers and others, and arranging for recording of the deed and mortgage with the county recorder of deeds.
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