I've always heard the term "closing on a house." But this time around everybody's talking about the "settlement of the house." Is there a difference, or just a change of jargon?

asked Jan 30 at 16:38

nessili24's gravatar image

nessili24
55017


One Answer:

Settlement and closing occur on the same day.

Buyers and sellers are required to each provide a settlement statement, which breaks down the costs of the real estate transaction.

Closing is the transfer of title to the buyer and transfer of the sales proceeds to the seller.

answered Feb 01 at 08:28

mbhunter's gravatar image

mbhunter ♦♦
27341212

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