Homes in Sunset Beach, Ocean Isle Beach & Vicinity
George and Elisabeth Smith
919-614-1402919-614-1402

Why TRID is Important to You

TRID is the acronym given to the new method of providing your accounting information when you buy or sell a home. It is one of the ways that the Dodd-Frank legislation is being put into practice. It is a combination of Truth-in-Lending and Real Estate Settlement Procedures protocols. It spells out the way that the financial side of your transaction will be presented to you.

In essence, buyers and sellers will, in general, no longer receive the long-running HUD-1 form for spelling out where the money came from and where it is going. Instead, buyers must now receive a separate Closing Disclosure at least three days before the closing. Also, sellers can receive a separate Closing Disclosure, but unfortunately the rule-makers left out the 3-day advance requirement. So the seller’s financial accounting might come as late as the day of closing.

The expectation is that the buyer’s accounting information will be created by the mortgage lender, and the seller’s information will be created by the closing attorney. The Closing Disclosure forms are supposed to be more clean, clear and easily understandable for the consumer. However, the old HUD form is still alive, and it can be used in cash purchases, refinances, or commercial transactions.

When you use our services as your agents, we will make sure that your financial figures are correct and that you are fully informed about them. For more details about TRID, please feel free to contact us directly.

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George and Elisabeth Smith

Realtors

TerrificAgents@gmail.com

919-614-1402919-614-1402 main

Sunset Beach and Beyond Realty

211 Olde Oak Lane, Sunset Beach, NC 28468

George and Elisabeth Smith are the Realtors of choice for those who want real personal attention. They are proactive professionals who are on your side! Elisabeth is a Strategic Pricing Specialist (SPS), and she is fluent in German. George is a Certified Residential Specialist (CRS), a Graduate of the Realtors Institute (GRI) and a Certified New Homes Sales Specialist (CSP).