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“Save the Date”
The National Association of Realtors (NAR) says October 3rd is “Save the Date” because that’s when sweeping changes happen to every real estate closing in America. Starting the first of August the Hud-1 Settlement Statement, the Good Faith Estimate (GFE) and the Truth in Lending Act (TILA) disclosure: all come off the closing table and go into the history books.
New Forms
In their place will be two brand new forms-the loan estimate and the closing disclosure. These are big changes brought about by the Consumer Financial Protection Bureau (CFPB).
Simpler For Consumers
Their goal is to make the closing process simpler and more transparent for consumers. We’ll have to learn these new forms
and learn how they’re applied to every real estate settlement you attend among other things. All paperwork must be finalized
3 days before the closing. No more last-minute changes, in fact if there are last-minute changes the three day clock could start ticking all over again.
New rules, new procedures and new documents. It all starts August 1st, 2015.
NAR
Ken Trepetta, National Association of Realtors Director of Real Estate Services explains, “… what you need to do to get up to speed if you plan to close a transaction on the 30th of September make sure your clients have all their ducks in a row by the 23rd September. this way there won’t be any last-minute changes at closing because while you can make changes at closing it may be more difficult than it is today and so you should try to avoid any last minute changes.”
Sellers should make sure they abide by their agreement & make sure they don’t make changes or take things from the home that they said they were going to include in the home, because these types of things could lead to changes in the settlement statement – which require going back to the lender in an getting approval. If this happens, it will delay closing on the home.
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All information deemed reliable but not guaranteed. Equal Opportunity Housing Provider. Each office is independently owned and operated.The opinions expressed in this article are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed in this article as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Guy and Joi McKinney at Triple Crown Realty Keller Williams, do not guarantee and are not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involved some degree of risk. Guy and Joi McKinney at Triple Crown Realty Keller Williams, will not be liable for any loss or damage caused by your reliance on information contained in this article.
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