Settlement Agent and Possession Sample Clauses

The 'Settlement Agent and Possession' clause defines the responsibilities of the party or entity handling the closing process and specifies when the buyer will take physical possession of the property. Typically, this clause identifies the settlement agent—such as a title company or attorney—who manages the transfer of funds and documents, and it sets the exact date and conditions under which the buyer receives the keys and access to the property. By clearly outlining these details, the clause ensures a smooth transition of ownership and helps prevent disputes regarding possession or the closing process.