In every Florida real estate transaction that involves financing, lenders must complete the five-page Florida Closing Disclosure form (CD) and comply with regulations governing the information provided. Borrowers rely on the accuracy of the form to fully understand their commitment. For the good of both parties, The Law Office of Tania Sayegh Bartolini, P.A. reviews CDs for accuracy and compliance. Whether you are a borrower or a lender, you can depend on our experience and diligence.
Each page of the Closing Disclosure presents essential information for the borrower and lender.
Page One is very similar to a loan estimate, stating such terms as:
The first page informs the borrower of the amounts to be deposited into the borrower’s impound or escrow account as well as the total estimated closing costs and the amount of cash needed to close.
Page Two breaks down the closing costs, including all loan charges and other expenses paid by the borrower, seller and other parties.
Page Three contains a Calculating Cash to Close table comparing the charges disclosed on the loan estimate and summaries of the borrower’s and seller’s costs and credits.
Page Four lists disclosures about other loan terms, including whether:
There is also a notice to the borrower that the lender will have a security interest in the property.
Page Five contains a section on loan calculations that lists:
Also stated is information about the property appraisal (if applicable), contract details, borrower’s liability after foreclosure refinancing options and tax deductions. Finally, there are signature lines for the parties by which they acknowledge receipt of the disclosure form.
The key to compliance is for the particulars of the Closing Disclosure form to accurately represent the information in all pertinent closing documents. We review CDs with the utmost care to ensure there are no discrepancies. This way, the lender is fully compliant and the borrower is fully informed.
The CD information is not always sufficient to alert a purchaser of potential issues with the sale. We provide purchasers with a full range of real estate services, including title clearance and lien searches, so you can close on the sale with confidence.
The Law Office of Tania Sayegh Bartolini, P.A. provides reliable legal services for real estate closings in Fort Lauderdale and Broward County, Florida. To schedule a consultation, call 954-603-1865 or contact me online today.