Settlement is when you sign everything. Closing is when all the money is moved, title is recorded, and the house is yours. Watch for Tyler flubbing the definition…more than once!
The Real Estate Purchase Contract (REPC) stipulates 4 calendar days to complete all the documents: ” 3.2 Closing. For purposes of the REPC, “Closing” means that: (a) Settlement has been completed; (b) the proceeds of any new Loan have been delivered by the Lender to Seller or to the escrow/closing office; and (c) the applicable Closing documents have been recorded in the office of the county recorder (“Recording”). The actions described in 3.2 (b) and (c) shall be completed no later than four calendar days after Settlement.”
Jason asks why settling on the Wednesday before Thanksgiving isn’t a great idea.
*No turkeys were harmed in the filming of this real estate discussion.
A Production with Security Home Mortgage’s Jason Christiansen, and Hive Collective’s Tyler Cazier and “Mr. Suit” Aric Wiszt.