How The New Closing Disclosure Affects Your Contract
Closing a real estate transaction is a significant event in a person's life, and is best done with the help of a good real estate attorney. Having the right advocate on your side is very important to ensuring that your housing contract protects you and that the closing is performed as smoothly as possible. As such, buyers should understand the Closing Disclosure policy in order to avoid making a financial mistake. To make sure you are clear on this policy, there are some specific areas of the Closing Disclosure worth careful consideration.
The Review Period
The Closing Disclosure must be given to the buyers at least three business days before they close on the loan. Before changes were made, the Disclosure was provided at closing or just shortly before closing, which didn't give the buyers the opportunity to thoroughly look through everything before they were asked to sign. That led to some serious misunderstandings. It also left buyers feeling pressured to sign on the dotted line even if they weren't sure about the terms, if something had changed or if something cost more than they expected. If they didn't sign, they didn't close, so they were forced to make quick decisions, often without the help of an attorney to guide them. Getting the Closing Disclosure three business days before closing helps to avoid those kinds of problems.
The Financial Details
Having a Closing Disclosure means that the monthly payments, the interest rate and the total amount of the closing costs will be right on the first page. These are easy to see and understand, so buyers can be aware of exactly what they are agreeing to and how much they will have to pay. With the clearly presented financial information of the Disclosure, buyers can decide which mortgage lender is going to be right for them. If there are inaccuracies in the Disclosure or the terms are not what the buyers expected or would have agreed to, they can speak up well before they arrive at the closing table.
The Closing Day Procedures
With an expert law firm on your side on the day of closing, you can ensure that closing day procedures are as smooth and predictable as possible. Predictability can be boring, but it's a desirable quality when doing something as significant as closing a real estate transaction. By carefully looking over the housing contract and the Closing Disclosure with a qualified real estate attorney, buyers will be wholly prepared to arrive at the closing table and move through their transaction without any surprises.
By contacting the Law Offices of Mery Lopez, you have an advocate on your side who can help you navigate the waters of any real estate transaction. Reach out today, and let Mery Lopez help you make your dreams of owning a home come true.