Closing

The Closing Process Has Changed

The Closing Process Has Changed

The real estate industry changes constantly. While things like rates and loan products seem to evolve constantly, every few years something major will change that has a major effect on the industry. Every now and then, there will be perhaps a new version of the state contract or a new addendum that pops up. Things like this are perfectly fine as they are improved or developed to better serve our clients and they take very little time to acclimate to. However, some times there are major changes that can stunt the whole industry for a short period of time. Recently, it was revealed that we will be using an entirely new closing procedure when buying or selling a home. This was also designed to protect both buyers and sellers after many were unaware of their predatory loans in the mid-2000's. Rather than using the HUD-1 as the closing document that were all so used to, we will not be shifting to a new document and disclosures process. This process will take a little bit longer to get through than the old HUD-1, but it gives buyers much more transparency when it comes to their loan product. This blog post is all about the new RESPA-TILA activity and the new closing processes that have sprung from it. Remember me if you're interested in buying or selling residential, commercial or investment real estate in Charleston, SC.