There have been many changes and updates experienced within the now active TILA_RESPA Integrated Disclosure (or TRID). However, many would agree that one of the most vital tips to keep in mind is the importance of consistent communication. Once a contract is signed, documents must then be shared with the Title Company.
Also, it is crucial for realtors to lay down the communication framework with their clients from the beginning of their transaction process. Buyers must be aware that now that we are beyond October 3rd, the real estate agenda has changed drastically. It may take a lot longer to reach the closing table compared to previous years.
This effective communication with clients can only benefit realtors not hurt them as many may presume. “Realtors must come to terms with providing a larger estimation for escrow requirements,” Jennifer owner and operator of Fort Myers Title Company states, “if the estimation ends up being a little long, buyers will be happy things are moving along quickly. However if you have to break the news of extension possibilities then you may seem less credible therefore frustrating buyers.”
It has also been advised to push the idea of having two walk-throughs and, the earlier the better as any change may affect the transaction. Think of this new real estate era as a complex math equation. If you make a mistake, no matter how small, it ultimately affects the end result causing you more time to go back and do it all over again.
These changes transform the way each associated closing party does business. If done carefully and clearly, our newly implemented TRID changes may improve the future of all real estate transactions.
Title Junction is a full service real estate title company serving the area of Fort Myers, Cape Coral and the entire state of Florida since 2005. The company handles a number of real estate title services for both commercial and residential properties. Employees of Title Junction can also act as a witness in courtesy closings as well as an escrow agent or a notary public. Please contact Jennifer Ferri of Title Junction, LLC for further information @ 239-415-6574 or www.title-junction.com
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