Big changes are are coming to the way that people buy and sell real estate beginning October 3rd thanks to a new documents designed to protect consumers. Unlike some of the changes implemented since the market meltdown, this one will affect every single part of the real estate sales process.
This new disclosure document clarifies many of the more confusing financial documents that a buyer is required to sign into a single, easy to understand document. While the consolidation and ease of understanding is a win for buyers, the penalty for making changes to the document while in escrow will cost all parties a time delay.
An example is when a seller agrees to credit a buyer for a repair while in escrow. This changes the financial structure of the deal for the buyer and automatically triggers a new, updated disclosure. Every time a new disclosure is generated, there is a mandatory waiting period that ranges from 3-7 days.
Imagine adding 3-7 days to your escrow just because you successfully negotiated a credit? That is the reality of what is coming to the process of selling and buying real estate later this year. If you are considering the sale of your home, now more than ever it's critical to contact your local, trusted Realtor to guide you in the process.
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