How the New Dodd Frank Regulations Affect You

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The New Dodd Frank regulations affect your real estate business. These new closing regulations started on October 3rd. These regulations don't apply to cash deals. The closing process will be different if you're buying with a loan.

Buyers now must have all required paperwork completed three days prior to closing. These three days allow the buyer time to review the documents. While closings sometimes get hectic, this slows down the closing process.

Although the title company will still be involved in the closing process, the lender now prepares documentation. The HUD-1 will be replaced by a new document, too.

Any change made to the documents triggers a three-day waiting period. This allows the buyer and seller time to review the information.

Ultimately, we don't recommend dual closings. Don't sell your property and immediately close on a new property. It takes time to adjust to these new regulations to see how long the closings will take.

We also recommend being proactive. Get everything done ahead of time to avoid delays. Working with a knowledgeable real estate agent will also ensure that you make it to closing on time.

If you have any questions for us, give us a call or send us an email. We would be happy to help you!