Settlement is the occasion on which the parties to a transaction deliver on their various promises, the vendor transfers land, the purchaser pays the vendor the purchase price, the lender hands over the Advance Funds and the owner (or new owner) gives the Incoming Mortgagee a mortgage, the Outgoing Mortgagee receives the Payout Figure and Discharges their mortgage. Settlements occur simultaneously and instantaneously in a PEXA settlement room.