Buying or selling a home in Orlando, FL excites many people, but it also involves a lot of paperwork. If you have ever wondered why your transaction has a waiting period, the answer is TRID. TRID stands for the TILA-RESPA Integrated Disclosure rules.
These rules aim to improve transparency and protect consumers. But what do they profoundly mean for buyers and sellers?
TRID Requirements
The TILA-RESPA Integrated Disclosure requires lenders to give clear and timely information about loan costs and the transaction. This includes:
- The Loan Estimate: This document is given within three days of applying for a mortgage. It shows the estimated costs, interest rate, and terms.
- The Closing Disclosure is given three business days before closing. This document shows all costs and fees in detail. It allows buyers time to review and ask questions.
For sellers, TILA-RESPA Integrated Disclosure ensures that the transaction proceeds smoothly by setting clear expectations for timing and communication.
At Simply Close Title, we take the guesswork out of TRID compliance. We’re here to help you understand the rules and keep your closing on track.
Contact us today to learn more about how TRID impacts your real estate transaction and how we can assist!
