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You should reach an agreement at the end of these discussions about what the written settlement offer will include. After this, the employer will submit a written offer to you. If you're happy with it, they will then arrange for a solicitor to draft a formal settlement agreement for both parties to sign.

This is when the ownership of the property will be transferred from the seller to the buyer.

Commonly used for loan agreements, a settlement statement details the terms and conditions of the loan and all costs owed by or credits due to the buyer or seller. It also details any fees that a borrower must pay in addition to a loan's interest.

In a real estate transaction, possession occurs when the buyer or renter takes control of a property after signing closing documents or the lease. After the sale is recorded with the local government and the purchase funds have been received by the seller, ownership of the property is also transferred to the buyer.

Closing and settlement are often used interchangeably, but they are not exactly the same thing. Closing is the final step of the transaction, where the buyer and the seller sign the documents and exchange the keys. Settlement is the process of transferring the title, paying the fees, and recording the deed.