Are you ready? For what you say?
Little known fact, as of October 3, 2015, the law of real estate, nationwide, will change. Gone are the days of waiting in the conference room for documents to show up from the bank right before they have to be signed on a residential real estate closing.
As a result of the Dodd-Frank Act, created in the wake of the 2008 Financial Crises, changes are upon us, this Saturday, in the real estate world.
The next four letters C F P B will become as common as the SEC is to the securities industry.
All residential deals involving mortgages are governed by new requirements by the CFPB. Gone is the new – old HUD-1. A new longer one is coming.
Simultaneously closing on one property and buyer another later in the day, GONE!
All the partners and the staff in our firm’s Real Estate department has worked hard, registered with the CFPB, and will make sure that all residential deals are handled in accordance with these new requirements.
These changes are dramatic. And we are working on making sure that we are ready, ARE YOU?
More information on our Real Estate practice, please contact me. Eric N. Assouline, Esq. 954-929-1899 or 305-567-5576.
For more information, check: http://www.consumerfinance.gov/