WHAT IS THE NEW FLORIDA RESIDENTIAL CONTRACT - WHAT YOU NEED TO KNOW

By
Real Estate Attorney with THE ZARETSKY LAW GROUP - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY
https://activerain.com/droplet/4JsN

CFPB rule making is changing how we do business in all areas of financial real estate when financing is involved.

The latest news is that the Florida Bar / Florida Association of Realtors will be using new residential real estate form contracts for residential financed transactions beginning in late September 2015.  The new forms and rules kick in for any deal that has the borrower making its application for financing on or after October 3rd.

Do you know what the forms are and how they are different?  Do you know why they are different?  Do you know that on deals made after October 3, the closing statement is now called a closing disclosure and looks like a HUD about the same as a Vespa motor scooter looks like a Harley Davidson Chopper?

Do you know that under the new rules you cannot be in the same room as your client for the closing?

Learn about some of these changes and a focus on the new contract forms at seminar presentations in our office over the next several weeks.  Don't be a victim of not knowing how to guide your buyer through this new process.  Understand the new timing rules and what can and cannot be done on timelines

Call for availability - 561 478 5000 and ask for Cecelia to schedule your slot.  Individual and Small groups of real estate brokers and agents only!  

Let's learn together on this monumental new way of doing business under Dodd Frank!

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Ambassador
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Richard - am I understanding you correctly that I can't be at the closing table with my client? And what if there is no financing involved?

Wow!

Sep 22, 2015 02:44 PM #1
Rainmaker
4,797,120
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Richard.  I had no clue about not being in the same room for the closing with my client.  

Sep 22, 2015 09:40 PM #2
Rainmaker
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David Gibson CNE, 719-304-4684 ~ Colorado Springs Relocation
Colorado Real Estate Advisers LLC - Colorado Springs, CO
Relocation, Luxury & Lifestyle residential

Richard,

 

I haven’t seen the “you cannot be in the same room as your client for the closing” any where else. Can you point us to chapter and verse?

Sep 23, 2015 06:00 AM #3
Rainmaker
281,232
Richard Zaretsky
THE ZARETSKY LAW GROUP - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY - West Palm Beach, FL
Florida Real Estate Attorney

OK - you can be in the same room but you can't see the closing documents if CFPB rules apply (because it is a loan transacation that had a loan application made on or after October 3 2015).

So the new rules say that the Closing Disclosure (the HUD is no longer) and loan documents are private documents.  Thus the brokers cannot see them.

The work around is a privacy waiver for specific people / entities, such as the brokers.  But it is a new document that must be drafted - it is not available from CFPB.  And of course the party to whom it applies must sign it.  I am thinking that it should be signed by the borrower and the brokers getting the information.

Sep 23, 2015 01:47 PM #4
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Rainmaker
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Richard Zaretsky

Florida Real Estate Attorney
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