Settlement is the last step in home buying -- before the moving begins, that is! Sometimes called closing, settlement is where the seller receives the funds from the buyer and the buyer gets proof of ownership. While everyone does their best to meet the settlement date, it is important to remember that many things can crop up to delay the settlement.

For instance:

Problems with buyer's credit history that must be explained.

Unforeseen delays in processing lending paperwork.

Delays in property's appraisal.

Inspections and/or repairs that must be completed before settlement.

Liens against the property that need to be resolved.

Personal problems (such as a death in the family) that lead to rescheduling.

Remember, delays in settlement do not necessarily mean the transaction is falling apart. Most transactions do eventually go to settlement. Many problems can be straightened out in a day or so. The key is flexibility.