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Settlement practices vary from
locality to locality, and even within the same county or city. Settlements
may be conducted by lenders, title insurance companies, escrow companies,
real estate brokers or attorneys for the buyer or seller. You may save
money by shopping for the settlement agent.
In some parts of the country
(particularly western states), settlement may be conducted by an escrow
agent. The parties sign an escrow agreement which requires them to provide
certain documents and funds to the agent. Unlike other types of
settlement, the parties do not meet around a table to sign documents. Ask
how your Northern Virginia settlement will be handled.
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