More TRID {TILA RESPA INTEGRATED DISCLOSURE} INFORMATION

TRID DISCUSSION

{TILA RESPA INTEGRATED DISCLOSURE}

 

*Everything will take more time.

*Set expectations with your Sellers. No more 30 day or less closings.

Minimum should be 45 and 60 is better.

*Explain to both parties that final readings for utilities and fuel can’t

be a day or two before. More like 7-10 days before. It is what it is.

*We need realtor contact info PLUS license #s for the lenders to fill

out the final Closing Disclosure (CD).

*Give us the commission plus splits for the P&S so that we aren’t

wasting time tracking that down. Even more important when the

Buyer is paying a Buyer Broker fee.

*We must know about Tax Free Exchanges at time of P&S.

Documentation must be executed and CD sent to them as well.

*Any charge to a Buyer (ie. Home warranty, insurance premiums,

upgrades for new construction, etc) must get to the lender asap!

Has to appear on the CD which is due to them at least three

business days in advance.

*Make sure Sellers understand that repairs CANNOT be last minute.

*More important than ever that final walk-throughs are CLEAN!

*Closing attorneys are not going to want to hold escrows or do off

the CD adjustments. Too much risk and liability.

*The earlier you explain this to your Sellers, the better.

*Remind them:

  1. Trash can’t be piled up on or at end of driveway. Cart it away or

see if a neighbor will take it.

  1. Broom clean includes all areas in and out!
  2. 3. If repairs are required, they have to be done at least a week prior

to closing and have them previewed by Buyer if subjective. Service

on furnaces and the like: get receipts early.

*Better to negotiate closing cost credits instead of repairs.

See other “REAL ESTATE QUESTIONS” blog posts: