Miner Real Estate Team Outlines New HUD-1 Closing Process

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Bob and Carrie Miner of Miner Real Estate Team today outlined the August 1st changes to the HUD-1 closing process, which will affect not only real estate professionals, but buyers and sellers, as well.

Bob and Carrie Miner

What this means is the buyer/seller and the other settlement service providers, including the lender and title agent, are all under the gun to get everything squared away quicker and earlier than before.

According to the National Association of Realtors, the days of filling out the HUD-1 settlement form and getting a Good Faith Estimate (GFE) from the lender are winding down.

Bob and Carrie Miner explained that what this means is that, as of August 1, these forms in addition to the Truth in Lending Act (TILA) disclosure form will no longer be used. Replacing them, according to the National Association of Realtors, are two new forms: the Closing Disclosure and the Loan Estimate.

The Miners went on to point out that more importantly for the buyers and sellers to know, there are also new rules for the closing procedure. One rule requires that all forms be ready three days prior to closing. The NAR is recommending individuals actually get everything ready seven days prior to closing, so when they go into the three-day period, individuals don’t have to make any changes, because making changes as the clock winds down comes with a cumbersome set of hurdles.

“What this means is the buyer/seller and the other settlement service providers, including the lender and title agent, are all under the gun to get everything squared away quicker and earlier than before,” the Miners said. “If last-minute changes are made, a new three-day waiting period kicks in, in some cases, which can delay closing. Ultimately, if everyone is on board and the real estate professional is ahead of the game, and understands the new closing process, all should be smooth sailing.”

About Bob & Carrie Miner of Miner Real Estate Team
Miner Real Estate Team has been producing major results for nearly ten years, working with all types of buyers and sellers throughout Denver, Highlands Ranch, Littleton, Centennial, Lone Tree, Castle Rock, Golden, Parker, Lakewood, Aurora, Arvada, Westminster, Wheat Ridge, Thornton, and Broomfield. They handle real estate transactions in all price ranges - from condos to grand estates. Miner Real Estate Team is located at 1745 Shea Center Drive, #100 in Highlands Ranch, CO 80129.For more information on real estate services from Bob Miner, phone 303-638-9033, or contact Bob via email at bminer(at)remax(dot)net.

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