So you have a contract on a new real estate property and if you are borrowing money, here are the following important impacts to closing:
The borrower must receive the Closing Disclosure three (3) business days prior to closing. It is considered to have been received three (3) business days after placing in the mail. Therefore, generally the lender will need to mail the initial closing disclosure at least six (6) business days prior to consummation. This change, while beneficial to the borrower, does put emphasis on timeline targets.
Short timeline closings will require urgent attention by all parties. Borrower, realtors, title/settlement agents, etc. will need to provide required information in a timely and urgent manner to ensure the closing
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