FOCUS ON TRID: Advice from Linda Gifford, Maine Association of Realtors® Legal Counsel
Even if you have bought or sold property in the past, the rules and documentation is changing - As part of the changes, which stem from the merger of the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA), two new forms—the Loan Estimate and the Closing Disclosure—will replace the HUD-1 settlement form and the Good Faith Estimate. Samples of the new forms are available from the Consumer Financial Protection Bureau.
What can you do to smooth out the process for your closing as the buyer or seller? The number one thing buyers and sellers can do is communicate, early and often with your real estate agent and with your lender (both buyers and sellers will be providing info to the buyer's lender or if your are having a cash sale, your title company or attorney).
Your real estate agent will be communicating with you about the transaction and keeping you informed as to dates and timelines. Buyers: You should check in with the lenders you tend to use and see what their processes will be. How have they chosen to implement the disclosure process to you (the borrower)? What can you do to help? What does your agent suggest you put in your offer for days to close (we recommend 45-60 days) in your purchase and sale agreement?
For more guidance from the CFPB: Click Here
Points in the transaction where you can make a difference:
The Deb Barouch Team has extensive knowledge of the industry with over 30 years of experience. We know dependable loan officers, home inspectors, etc to help you through this process. Please contact us if you have any real estate needs!
Broker | Keller Williams Realty
With over 30 years of experience helping Maine buyers & sellers!