Are You Ready for the New Residential Real Estate 'Consummation' Rules?
The article, which provides a timely update concerning the new TILA-RESPA Integrated Disclosure (a/k/a "TRID" or "Know Before You Owe") rule taking effect October 3, 2015, quotes Ralph Schumann. The new system will affect most residential real estate transactions.
The topic of TRID is currently occupying a great deal of attention. As of the first Saturday in October, dramatic changes take place in most residential real estate transactions. New forms required by the Consumer Financial Protection Bureau (CFPB) are supplanting standard forms in most real estate transactions. Good Faith Estimates are being supplanted by a new "Loan Estimate" form. HUD-1 Settlement Statements are being replaced in most residential real estate transactions by a new "Closing Disclosure" Form. The changes are being addressed at meetings of many bar associations, including those of the Illinois Real Estate Lawyers Association(IRELA), which Ralph Schumann serves as President.
Things are changing. Timelines for transactions will be longer, and the transactions more complex. The need for qualified, experienced legal representation in transactions is increased.