Happenings at Triangle Realty

Changes in Real Estate Transactions are Among Us

Aug 18, 2015

If you are going to be involved
in a real estate transaction anytime soon, important changes have been made!  
 

As of August 1, 2015, we said bye-bye to the HUD-1 settlement form, Good Faith Estimate (GFE), and Truth in Lending Act (TILA) disclosure form. Replacing the old forms are the Closing Disclosure and Loan Estimate. 

Visit the new administrative website, the Consumer Financial Protection Bureau (CFPB), for information about these forms.

There are also changes to the closing procedure, which can be thoroughly explained in the video below. Just a little bit of advice, to help you dodge hurdles on the day of closing: 

  • For Realtors:
    • Ensure clients are ready seven days prior to closing
    • Do a walk through early to avoid making changes the day of closing
    • Add 5-15 days to closing time to ensure sufficient time for transaction completion
  • For Sellers:
    • Abide by agreements
  • For all involved:
    • Keep communications tight between realtors, clients, loan officers, ect.

Good news is, you’ve got until October 3 to familiarize yourselves with the new forms and closing procedures. The NAR is hosting a series of webinars specific to the subject. Visit RESPA to learn more!

If you have any questions after viewing information from the below videos, please call the Triangle Realty office at 806-367-8334 for assistance!

 
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Events Triangle Realty LLC

NCBA - National Cattlemen's Beef Association Convention & Tradeshow
Feb 1-3, 2017
Gaylord Nashville, TN
Click here for more information

Texas & Southwestern Cattle Raisers Convention
March 31 - April 2, 2017
San Antonio, TX
Click here for more information

27th Annual Outlook for Texas Land Markets
April 20-21, 2017
San Antonio, TX

World Championship Ranch Rodeo
Nov 2017
Amarillo National Center, Amarillo TX
Click here for more information
Come see the Triangle Booth!

Farm & Ranch Show
Nov 28-30, 2017
Amarillo, TX
Click here for more information
Come see the Triangle Booth!

Dallas Safari Club Convention
Jan 2018
Click here for more information

Panhandle Groundwater Conservation District Symposium
Spring 2018
Amarillo, TX
Click here for more information

NCBA - National Cattlemen's Beef Association Convention & Tradeshow
Feb 1-3, 2017
Gaylord Nashville, TN
Click here for more information

Texas & Southwestern Cattle Raisers Convention
March 31 - April 2, 2017
San Antonio, TX
Click here for more information

27th Annual Outlook for Texas Land Markets
April 20-21, 2017
San Antonio, TX

World Championship Ranch Rodeo
Nov 2017
Amarillo National Center, Amarillo TX
Click here for more information
Come see the Triangle Booth!

Farm & Ranch Show
Nov 28-30, 2017
Amarillo, TX
Click here for more information
Come see the Triangle Booth!

Dallas Safari Club Convention
Jan 2018
Click here for more information

Panhandle Groundwater Conservation District Symposium
Spring 2018
Amarillo, TX
Click here for more information

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