Chicago-Area Attorney Advises of Changes in HUD Home Purchases
Schaumburg, IL (PRWEB) July 31, 2013 -- New changes to the HUD home purchase program now require that closing functions are handled differently. Earlier this year, the Department of Housing and Urban Development (HUD) modified the process for closing real estate by implementing the “Buyer Select Closing Agent Program,” which means HUD no longer provides a HUD designated closing agent. The attorneys of Gardi & Haught, LTD., in Schaumburg explain the significance of these changes.
“Under the program, buyers should be aware that the responsibilities for many of the closing functions now shift from HUD’s counsel to a ‘Closing Agent’ that the buyer must select,” said Tom Haught of Gardi & Haught, Ltd. The selected Closing Agent must be approved by HUD and will have numerous responsibilities before, during, and after the closing of a HUD home. The Closing Agent functions can be conducted by the buyer’s attorney.
Gardi & Haught, Ltd., advise buyers to be informed of the facts and issues relating to the new process:
1. The closing agent must pay careful attention to HUD timelines and closing requirements
2. Any oversights or paperwork filed incorrectly can result in lost time and money
3. If documents are signed incorrectly, the HUD closing will not be completed
Under the “Buyer Select” program, the buyer and the Closing Agent must clearly understand all of their responsibilities. At issue is the level of expertise of the selected Closing Agent with HUD’s practices. If any errors are made in the process, the buyer could loose the opportunity to purchase the property. HUD implemented the change in an effort to streamline the process.
About Gardi & Haught, Ltd.
Gardi & Haught, Ltd., concentrates in real estate law, litigation, immigration, divorce, estate planning and corporate law. The firm has two additional office locations that process HUD files. Gardi & Haught, Ltd., was previously a HUD designated closing agent and has the experience and staff to close a buyer’s HUD deal correctly and efficiently. Founded by Hiten R. Gardi and Thomas E. Haught in 2003, the firm is located at 939 N. Plum Grove Rd., Ste. C, Schaumburg, IL. For more information, call 847-944-9400 or visit http://www.gardilaw.com.
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Jacqueline Camacho-Ruiz, JJR Marketing, http://www.jjrmarketing.com, 630-441-6057, [email protected]
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