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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? |
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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. |
