Hi. I’m Sue Bonzell with Terra Firma Global Partners. And there used to be a thing called HUD-1 statement, kind of the title companies would provide during the course of an Escrow. There’s a new thing now. There’s always something new in real estate. It’s called TRID, T-R-I-D. And now the lenders are the ones who are putting those statements together. And they’ve had a few changes.
If you’re going to be having any changes in your purchase price, maybe you’ve negotiated a change in the purchase price. Maybe a credit back or something is going to be changing during the course of that Escrow. Well, those lenders are going to need a few extra days to complete paperwork, between three and 10 days. So, could extend your Escrow. So, what they are recommending right now is instead of a 30 day Escrow, which is pretty standard. You hear that a lot, 30 day Escrow. They’re asking for 45 days.
So, if you’re working with a realtor and you’re seeing offers or writing offers, you may see a few more 45 day Escrows requested in those purchase agreements, which is going to be very common right now. The good news is, is that even though it’s got 45 days on it, if you still get through all that paperwork and every thing is dialed in, and you’re at 30 days, if both parties agree, and they want to close early, you can still close early.
So, that’s kind of the latest thing. It’s kind of the buzz around real estate right now. Everybody’s talking about TRID. And, we’re kind of getting used to new things. And so, you’re going to see a little bit more of the 45 day close of Escrow on those purchase contracts. I’m Sue Bonzell with Terra Firma Global Partners.