REPC Section 3: Settlement, Closing, & Possession...OH MY! 😲 (Episode 18) S2 E3

Watch on YouTube: https://youtu.be/aQBw4EWugAE

The Utah Real Estate Purchase Contract (REPC) section 3 talks about the important terms of settlement, closing, and possession.

Settlement is different than closing. What are the terms of possession? Do you have a short-term lease? What's occupancy fraud? 

0:22 - What is settlement?
1:03 - What is closing?
1:52 - What is possession?
3:03 - Longest possession is 60 days
3:45 - "Owner-occupied" financing requires the owner to move in within 60 days
4:23 - Why a buyer might want to provide longer possession - make the offer more attractive
5:06 - How a short-term lease back puts money back in the buyer's pocket
8:00 - Occupancy fraud - owner occupied rate for a non-owner occupied property
9:50 - What did we learn today?
10:26 - Like & subscribe!
10:47 - Bloopers
11:05 - Scrooge McDuck vs Donald Duck

*No tenants were harmed in the filming of this real estate discussion.

Please contact us to tell us you love us, you want to hire us! Call or text: 

Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687‬

Lender with Elite Team at Security Home Mortgage: 
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472

A Production with Security Home Mortgage's Jason Christiansen, and Hive Collective at Presidio's Tyler Cazier and "Mr. Suit" Aric Wiszt.