NEW RULES FOR CLOSING REAL ESATE TRANSACTIONS STARTING AUGUST 1

Dated: 06/15/2015

Views: 1380

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.

Blog author image

Pamela Camiscioni

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....

Latest Blog Posts

Beach Haven Weekly Events Calendar

Is it time to plan your vacation activities?  Beach Haven Recreation Department opens parks for various activities, ranging from concerts at Veteran' Park to pickleball at Nelson Avenue

Read More

How To Go From Renter To Owner On Long Beach Island

 How to go from renter to owner on Long Beach Island?Located on the North End in Harvey Cedars, this three - bedroom, two bath duplex shares ownership with other members of a homeowner

Read More

LBI Tennis Kids And Adults

Sign up now for summer fun for yourself or children of all ages!Contact me for more information or call the LBI Foundation directly.They have so many wonderful programs and events throughout

Read More

Blessings Of The Fleet

Come join us and lend your blessings to all those out on the water!June 17 at 5:30 at Viking Village#watersafety #lbifishing #vikingvillage

Read More