Yes you read that correctly. Starting October 1st, home closings will now be called consummations.
After the financial crash of 2008, the push for financial regulatory reform began. In result, we now have a new way of doing things when it comes to rules, disclosures, loans and transactions in real estate. The goal of the reform was to actually make real estate transactions easier for the buyer and seller to understand. Time will tell if that has actually been accomplished. While we don’t need to bore you with the details, here is how you will be impacted after October 1, 2015…
- Longer Closing – Add 10-15 days to the contract to be safe. Plan for transaction time to be lengthened in the real estate contract.
- Changes may require delays to the closing. Everything should be taken care of before the walk through and then no changes!
- Set Closing date that will not change last minute. Date and time of the closing will be impacted by delivery rules for the new disclosures.
For more details and questions. Just ask!
Cell: (713) 408.3185