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Changes are coming on October 3, 2015 to real estate closing procedures and to the closing forms. These changes will impact buyers and sellers.  Extra time may be necessary between a deal being struck and the closing date in order to meet the new regulations.  Both buyers and sellers will be required to present documents requested in a very timely fashion. Otherwise, closings will be delayed. 

In the past, estimates were given to buyers for their closing costs. Some wiggle room was allowed on those estimates.  Beginning in October, lenders will be accountable to the exact charges listed on the forms presented to buyers in the initial mortgage process and to come within 10% on many of the other charges.  Additionally, there will be no changes allowed to closing documents at the closing table. 

So, everyone involved with closings will have to provide accurate documentation in a timely manner from the get-go in order for closing delays to be avoided.

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