Fort Lauderdale Attorney Reviews Florida Closing Disclosure Forms

Meticulous service for mortgage lenders and real estate buyers in Broward County

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.

Understanding the Florida Closing Disclosure form

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:

• Loan amount
• Interest rate
• Monthly principle and interest
• Any prepayment penalty or balloon payment
• Projected payments over the life of the loan

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:

• The loan is assumable
• There are late-payment fees
• The loan has a demand feature or a negative amortization feature
• The lender accepts partial payments

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:

• Total of payments over the life of the loan
• Finance charges
• Amount of financing
• Annual Percentage Rate (APR)
• Total interest percentage

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.

Contact a knowledgeable attorney in Broward County for Closing Disclosure Form review

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.