Consumer Financial Protection Bureau-Changes Coming to Real Estate
October 15, 2015 | Richard Sites
If you have signed a contract to purchase a home after October 3, 2015 and are getting financing, the new rules of the CFPB may have a major impact on your transaction. Now, more than ever, you should enlist the assistance of a real estate attorney.
The Consumer Financial Protection Bureau was born out of the Dodd-Frank Act, which was a result of the near financial collapse of 2008. As usual, when the Feds get involved there are massive changes to the way residential real estate has been transacted for years and new regulations cover every aspect of your deal.
Now, more than ever, you should enlist the assistance of a real estate attorney.
The closing of a real estate transaction should really be a “non-event”. But now, with these new regulations, it is going to be very hard for buyers and sellers to understand what is really taking place and the process is being driven by lenders, not title companies, as it was in the past.
If you are buying or selling, and your agent has not recommended the use of an attorney or the names of some to choose from, use the form below to contact me. I will direct you to some local attorneys who will do a terrific job, protect your assets and interests and make sure you get the home of your dreams or successfully sell and move forward with your life.