189 Wells Avenue, Suite 200
Newton, Massachusetts 02459
Telephone: 617.332.0090
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Joseph Law Office

Attorney Scott A. Joseph

Real Estate Transactions changing as of 10/03/2015

By Scott A. Joseph, September 24, 2015

Effective October 3, 2015, settlement agents in most residential real estate transactions will be required to use the new integrated closing disclosure forms. The TILA-RESPA rule consolidates four existing disclosures required under TILA and RESPA for closed-end credit transactions secured by real property into two forms: a Loan Estimate that must be delivered or placed in the mail by a lender no later than the third business day after receiving the consumer’s application, and a Closing Disclosure that must be provided to the consumer (and properly completed by the lender and/or the settlement agent) at least three business days prior to consummation. Certain changes made to the loan terms may cause the three day period to restart. If the creditor makes certain significant changes between the time the Closing Disclosure form is given and the closing, the consumer must be provided a new form and an additional three-business-day waiting period after receipt of the new form. Less significant changes can be disclosed on a revised Closing Disclosure form provided to the consumer at or before closing, without delaying the closing.

These new requirements will significantly alter the way real estate transactions are conducted. Joseph & Joseph will be ready for the new changes – will you?

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