Definition of Per Diem:
Per Diem/Per Day in Orange County, Ca:
Per Diem means "per day." Per Diem charges may result if the buyer's loan isn't approved by the date indicated on the financing contingency on an offer. They will appear on the HUD-1 settlement form payable to the lender. This is the most common per diem cost. Sellers may also charge the buyer per Diem fees if the deal doesn't close on the date listed on the Purchase and Sale Agreement (Orange County SPA). Another place that Per Diem is charged is when the borrower’s first payment is more than 30-days past their first payment date – this happens usually when a payment falls after the 15th of the month, most lenders like to have their payments due on the first day of the month, so normally they will push the first payment forward to the next month, sometimes giving the borrower 2 months before their first payment.