The closing disclosure is a critical document in any residential real estate transaction. It outlines the final terms and costs of the mortgage loan, providing both buyers and sellers with a comprehensive view of the financial aspects of the deal. The Closing Disclosure generally must contain the actual terms and costs of the transaction. (§ 1026.19(f)(1)(i)).
Determining who is responsible for preparing, updating, and sharing the Closing Disclosure with buyers and sellers can feel like a high stakes game of hot potato.
Today we aim to clarify the roles and responsibilities of various parties in preparing and delivering the closing disclosure and providing the final funding amount to the buyer. We’ll delve into the legal frameworks that govern these processes, including the TILA-RESPA Integrated Disclosure (TRID) rule and the Real Estate Settlement Procedures Act (RESPA) as well as the industry recommended best practices from a practical and customer service perspective.
Who is Responsible for Preparing and Delivering the Closing Disclosure to Buyers?
Who is Responsible for Delivering the Closing Disclosure to the Seller?
How to Handle Corrections to the Closing Disclosure
Who is Responsible for Providing the Final Funding Amount to the Buyer?
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