Settlement and Closing are outlined in Paragraph 3 of the REPC (see below.) Settlement is when buyer and seller sign and is dictated by the Settlement Deadline shown in the REPC (24(d)). Closing is when title has dispersed all monies and title has been recorded with the county.
3. SETTLEMENT AND CLOSING.
3.1 Settlement. Settlement shall take place no later than the Settlement Deadline referenced in Section 24(d), or as otherwise mutually agreed by Buyer and Seller in writing. “Settlement” shall occur only when all of the following have been completed: (a) Buyer and Seller have signed and delivered to each other or to the escrow/closing office all documents required by the REPC, by the Lender, by the title insurance and escrow/closing offices, by written escrow instructions (including any split closing instructions, if applicable), or by applicable law; (b) any monies required to be paid by Buyer or Seller under these documents (except for the proceeds of any Loan) have been delivered by Buyer or Seller to the other party, or to the escrow/closing office, in the form of cash, wire transfer, cashier’s check, or other form acceptable to the escrow/closing office.
3.2 Closing. For purposes of the REPC, “Closing” means that: (a) Settlement has been completed; (b) the proceeds of any new Loan have been delivered by the Lender to Seller or to the escrow/closing office; and (c) the applicable Closing documents have been recorded in the office of the county recorder (“Recording”). The actions described in 3.2 (b) and (c) shall be completed no later than four calendar days after Settlement. (If a Cash transaction, the 4 day period to fund is not applicable).
Any contracted rental of the Property prior to or after Closing, between Buyer and Seller, shall be by separate written agreement. Seller and Buyer shall each be responsible for any insurance coverage each party deems necessary for the Property including any personal property and belongings. The provisions of this Section 3.3 shall survive Closing.