See Section 3 of the Contract: "Settlement and Closing"
Settlement occurs after ALL of the following take place:
a) All Documents are signed by all parties
b) All the Buyer's funds needed to close are at the Title company as "cleared funds"
c) All the Seller's funds needed to close are at the Title company as "cleared funds"
Closing occurs after ALL of the following take place:
a) The Loan funds are delivered to the Seller or Escrow Company
b) The Loan Documents are Recorded at the County Recorder's Office
As you see immediately in Section 4, Possession is (can be) completely separate from Settlement or Closing.
4. POSSESSION. Seller shall deliver physical possession to Buyer within: hours days after closing; Other (specify)
If you are thinking about moving to the Salt Lake City area, make sure you get an Agent on YOUR side!
Homebuyer Representation, Inc. is the only Real Estate Brokerage representing Buyers ONLY in Salt Lake City and the Surrounding Area. We do not list any homes. We never represent Sellers.
We work for BUYERS ONLY on the Buyer's side of the transaction.
We work to get BUYERS the Best Price and Terms when they Buy...
We're "The Real Estate Agents on the Buyer's Side" TM
If you have excellent credit and are thinking about buying a $250,000-$500,000 home in the Salt Lake area in the next 60-90 days, call us at (801) 969-8989 or contact us via the link on this page.
©2008 Homebuyer Representation, Inc. All Rights Reserved
You had written such a nice blog contained very informative informaion. Settlement, Closing and Possesion were really confused me. Now some of my doubt clear with you blog. Thanks.
Loss Mitigation
Informative post! You have shared really informative information on Settlement, Closing & Possesion. These three terms are really difficult to understand by a person. So, keep on sharing these types of informative blogs. I really learnt a lot.
<a> href="http://www.webuyuglyhousesdallas.com/">We buy houses Dallas</a>