Common use of THE CLOSING DISCLOSURE Clause in Contracts

THE CLOSING DISCLOSURE. Pursuant to the federal TILA-RESPA Integrated Disclosure Rules (“TRID”), Buyer and Seller will each receive a 347 federally-required document called a “Closing Disclosure”, which, among other things, summarizes each party’s closing costs. TRID requires that the 348 Closing Disclosure must be received by a residential loan borrower at least three (3) business days prior to “consummation” of the transaction, which in 349 most cases in Oregon will be the date on which Buyer signs the loan documents. Under certain circumstances, a change to the Closing Disclosure late in 350 the transaction could result in a delay in Closing to comply with the three business day rule. Such a delay beyond the Closing Deadline could result in 351 termination of the transaction unless Seller and Buyer mutually agree to extend it.

THE CLOSING DISCLOSURE. Pursuant to the federal TILA-RESPA Integrated Disclosure Rules (“TRID”), Buyer and Seller will each receive a 347 327 federally-required document called a “Closing Disclosure”, which, among other things, summarizes each party’s closing costs. TRID requires that the 348 328 Closing Disclosure must be received by a residential loan borrower at least three (3) business days prior to “consummation” of the transaction, which in 349 329 most cases in Oregon will be the date on which Buyer signs the loan documents. Under certain circumstances, a change to the Closing Disclosure late in 350 330 the transaction could result in a delay in Closing to comply with the three business day rule. Such a delay beyond the Closing Deadline could result in 351 331 termination of the transaction unless Seller and Buyer mutually agree to extend it.

THE CLOSING DISCLOSURE. Pursuant to the federal TILA-RESPA Integrated Disclosure Rules (“TRID”), Buyer and Seller will each receive a 347 334 federally-required document called a “Closing Disclosure”, which, among other things, summarizes each party’s closing costs. TRID requires that the 348 335 Closing Disclosure must be received by a residential loan borrower at least three (3) business days prior to “consummation” of the transaction, which in 349 336 most cases in Oregon will be the date on which Buyer signs the loan documents. Under certain circumstances, a change to the Closing Disclosure late in 350 337 the transaction could result in a delay in Closing to comply with the three business day rule. Such a delay beyond the Closing Deadline could result in 351 338 termination of the transaction unless Seller and Buyer mutually agree to extend it.

THE CLOSING DISCLOSURE. Pursuant to the federal TILA-RESPA Integrated Disclosure Rules (“TRID”), Buyer and Seller will each receive a 347 343 federally-required document called a “Closing Disclosure”, which, among other things, summarizes each party’s closing costs. TRID requires that the 348 344 Closing Disclosure must be received by a residential loan borrower at least three (3) business days prior to “consummation” of the transaction, which in 349 345 most cases in Oregon will be the date on which Buyer signs the loan documents. Under certain circumstances, a change to the Closing Disclosure late in 350 346 the transaction could result in a delay in Closing to comply with the three business day rule. Such a delay beyond the Closing Deadline could result in 351 347 termination of the transaction unless Seller and Buyer mutually agree to extend it.