The Final Steps: Settlement Date vs. Closing Date in Real Estate Deals
A recent report found that over half of respondents failed a quiz on basic home buying and real estate terms. For example, many respondents didn't understand the difference between mortgage rates and downpayments.
Before you start the process of buying a house, it's in your best interest to brush up on these terms. Otherwise, you may find yourself agreeing to conditions you aren't aware of.
Today, we're going to talk about the settlement date vs closing date during the sale of property. Read on to understand what these final steps entail and when you become an actual homeowner.
What Is a Settlement Date?
You've put in an offer on a home and the seller accepted your offer. You have both signed a purchase agreement and according to your agent, the settlement comes next.
During the...