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NEW RULES FOR CLOSING REAL ESATE TRANSACTIONS STARTING AUGUST 1
New Rules for closing real estate transactions, so take notice !!!
As the calendar approaches August 1st of this year we will see significant changes in regards to how homes will close in the future. Google RESPA changes and you will see there are many documents to show you what steps will be necessary to close a real estate transaction when utilizing a mortgage.
There will be a new 3 Day closing rule that goes into effect; here is an example of how this will work:
closing date Monday
disclosures are due the preceding Thursday and if mailing away the preceding Monday.
closing date Tuesday
disclosures are due the preceding Friday and if mailing away the preceding Tuesday.
closing date Wednesday
disclosures are due the preceding Saturday and if mailing away the preceding Wednesday.
closing date Thursday
disclosures are due the preceding Monday and if mailing away the preceding Thursday.
closing date Friday
disclosures are due the preceding Tuesday and if mailing away the preceding Friday.
closing date Saturday
disclosures are due the preceding Wednesday and if mailing away the preceding Saturday.
So as you can see by this example the importance of planning will become vital, from the coordination of scheduling your closing to your moving truck, to when you have utilities turned on or off. So now let the buyer and the seller beware! This effects both parties to the transaction.
Take note, the 3 day period is measured by days, not hours. Thus disclosures must be delivered three days before closing, and not 72 hours prior to closing.
The disclosures can be delivered electronically on the disclosures due date in compliance with E-Sign requirements.
Pam’s a residential agent for over 20 years servicing clients from first timers to retirees covering all aspects of the residential real estate spectrum from listing your home to finalizing your new....