Old news for those of us who prepare the purchase/sale/refinance forms and in attorneys' office.
Just Google "Closing Disclosure" and you will get more information than you ever wanted.
In a purchase, it just serves to increase the costs to the Seller. Unlike the HUD-1, the Closing Disclosure is not intended for seller use and doesn't address the seller's closing adjustments and costs. My take, in a sale/purchase the Seller will need a separate from prepared by his/her attorney for the Seller's lender and the IRS for proof of sale costs, mortgage and other lien payoffs, closing costs. In fact, some webinars make it clear the seller does not see or sign this form (privacy rights of borrower). ... stay tuned in mid-August 2015 to see how this play continues. |