Envite Realty Raleigh Real Estate Contractor
When do I need to re-disclose on a closing disclosure?
October 11, 2016

Setting expectations – communication is the key

I get the call often from a buyer, seller or even another agent with questions about a trouble transaction.  I always start with myself when trying to figure out a solution or what I could do better.  I ask questions like should this have been disclosed?  Should this have been caught by the inspector? Should I have seen this coming?  When those questions are answered no.  I look at how the expectations were set.  I have had new and experienced home buyers say “but, I thought I was getting” or “I expected to have.”  

The simple solution here to make sure your clients  are educated and expectations are set up front.  If you have a novice buyer, then make sure to explain things have changed since TRID (Truth in Lending Act [TILA] /RESPA [Real Estate Settle Procedures Act] Integrated Disclosure Rule) regulations came about on October 3, 2015.  The buying process of your parents or friends from a few years ago may no longer be relevant.   Items like understanding why there is a delay in closing because of a mortgage interest rate lock expired. The know before you owe makes it clear that you have to have a closing disclosure 3 days (Saturday can be included) before you can close on the property.  This is a regulation that cannot be overridden or changed.

I like to give a 10,000 foot view of the process, so my clients know what generally to expect when buying or selling a home.  Communication throughout the process is key.  

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