Did you know… that the offer you write this weekend could be subject to the new TRID rules?
It is well known that the new TRID rules go into effect on Saturday, October 3, 2015. Whether a transaction is subject to TRID is determined by the date the consumer (aka “buyer”) applies for the loan.
What this means: If an offer is written this Sunday (9/27), the contract ratified on Wednesday (9/30) and the buyer shops interest rates for a couple of days and applies for a loan on Monday (10/5), the loan, and therefore the transaction, is subject to the new TRID rules.
Keep the following points in mind as you write offers this weekend:
We are happy to answer any questions you may have about TRID or other real estate matters.
For more information regarding our Residential Real Estate Settlements Group or our general real estate transactions and litigation practice, please contact the Group Chair at 301-230-6574 or firstname.lastname@example.org.
This publication/newsletter is for informational purposes and does not contain or convey legal advice. The information herein should not be used or relied upon in regard to any particular facts or circumstances without first consulting a lawyer.
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