Hi. Today I want to talk to you about the difference between settlement and closing. In Utah we have two different distinction. Settlement is when you go and sign the papers or you get them electronically. You sign the papers, all the money that is due, the balance of the purchase price. Then closing happens after that. Closing is actually recordation if you think of it in that way. That’s when the title is taken to the county and the title is transferred. That’s recordation.
Generally it happens the day of that afternoon or the day after, but it could be delayed by four calendar days if the lender doesn’t have the loans there. Just wanted to give you that information. A lot of times the buyers and sellers are misinformed. They think settlement is when they’re going to transfer deeds. Again, that’s the difference. Thanks for tuning in.