On October 3, 2015, the Consumer Financial Protection Bureau’s (CFPB) new
mortgage disclosure law, also known as the TRID went into effect. TRID will
help consumers be more informed regarding the closing cost.
things you should know about the new law:
1. Initial Good Faith Estimate (GFE) and Truth in Lending disclosure (TIL)
are now combined into one new form called the Loan Estimate (LE).
2. Instead of the old forms such as the HUD-1 and Final TIL we now have the
Closing Disclosure (CD).
I am often asked by clients looking to transfer property whether I will be using a quitclaim deed to complete the transfer. I tell my clients that in the New York Metropolitan area, the type of
deed customarily used to convey real property, whether to a third party
in an arm’s length transaction or to a family member, is a “Bargain and
Sale Deed with Covenants Against Grantor’s Acts.”
A quitclaim deed must to used with caution and can be dangerous or beneficial depending upon whether you are the grantor or grantee.
and sellers involved in a residential or commercial real estate
transaction have different issues and goals. The
real estate contract or purchase agreement is the single most important
document in the
transaction. A well drafted contract that accurately reflects your
interests and addresses potential problems is critical to a successful
real estate transaction. At the Law Office of Jeanne M. Reardon, we
have more than 20 years of experience negotiating, drafting and
Whether you are buying or selling a home, your team of expert advisers
should include a real estate closing attorney. Real estate closings are complicated matters and require a thorough knowledge of the law.
With a decision as serious as buying and selling real estate, it is
important that you are guided throughout every step of the
closing process by an experienced and knowledgeable real estate lawyer.
The purchase of a home
is often the single largest financial transaction you will
ever make in your life.
If you are unable to attend a real estate closing and sign the necessary documents you can have your attorney prepare a power of attorney for you thereby allowing your agent to act for you at the closing. A power of attorney is a document in which a person appoints someone to
act as their agent and perform certain acts on their behalf. The powers which may be given to your agent can be very broad, or limited depending on the purpose for giving the power of attorney. For example, your can give your agent very broad powers to manage all your financial affairs, or limited powers to sign documents on your behalf at a real estate closing for a specific property only.