The Utah Real Estate Purchase Contract (REPC) section 3 talks about the important terms of settlement, closing, and possession.
Settlement is different than closing. What are the terms of possession? Do you have a short-term lease? What’s occupancy fraud?
0:22 – What is settlement?
1:03 – What is closing?
1:52 – What is possession?
3:03 – Longest possession is 60 days
3:45 – “Owner-occupied” financing requires the owner to move in within 60 days
4:23 – Why a buyer might want to provide longer possession – make the offer more attractive
5:06 – How a short-term lease back puts money back in the buyer’s pocket
8:00 – Occupancy fraud – owner occupied rate for a non-owner occupied property
9:50 – What did we learn today?
10:26 – Like & subscribe!
10:47 – Bloopers
11:05 – Scrooge McDuck vs Donald Duck
*No tenants were harmed in the filming of this real estate discussion.
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Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687‬
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage’s Jason Christiansen, and Hive Collective at Presidio’s Tyler Cazier and “Mr. Suit” Aric Wiszt.