Austin Real Estate | Austin Homes for Sale » Disclosure http://www.affinityproperties.com Just another WordPress weblog Wed, 28 Jul 2010 05:25:41 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 Mortgage Disclosure Information Act — effective July 30th http://www.affinityproperties.com/wordpress/2009/07/08/mortgage-disclosure-information-act-effective-july-30th/ http://www.affinityproperties.com/wordpress/2009/07/08/mortgage-disclosure-information-act-effective-july-30th/#comments Wed, 08 Jul 2009 20:24:32 +0000 Marie Funston http://www.affinityproperties.com/wordpress/?p=336 Changes at the closing table could require the borrower to reschedule the closing date if a revised Truth-In-Lending (TIL) is needed. The rules for the Mortgage Disclosure Improvement Act were finalized Friday, May 8th, and it is applicable to all mortgage lenders (federally chartered or state licensed).  For applications taken as of July 30, 2009, new requirements about the delivery and the accuracy of disclosures will apply.  One of the new requirements is that the borrower must be provided with an accurate APR disclosure at least three business days prior to closing. Remember the new rule with “3/7/3” 3 days after application – An initial Truth-In-Lending (TIL) statement must be provided no later than 3 business days after receipt of the loan application.  Our current process generates an auto-compliance package that complies with this requirement, so no changes are needed. 7 business days after initial application – Waiting period – the borrower is not permitted to close until at least seven business days have passed since the TIL was placed in the mail or provided to the borrower. 3 business days prior to closing – Waiting period – the borrower must receive an accurate APR on their TIL at least 3 business days prior to closing. If it was provided before that period of time, because the loan terms were locked in earlier in the process, no new TIL is required if there is no change to the APR or the change is less than 1/8th of a percent. If the final loan terms cause the TIL / APR to be understated by more than 1/8th of a percent, a revised TIL with an accurate APR must be provided to the borrower so that they receive it at least three business days prior to closing. It must be in their hands at that time, and they may close on the 3rd business day after that day. What this means to you? All Realtors and buyers need to be advised of these new timing requirements, which will limit rush closings and could even delay closings.]]> http://www.affinityproperties.com/wordpress/2009/07/08/mortgage-disclosure-information-act-effective-july-30th/feed/ 0 Energy Audit and Disclosure in Austin http://www.affinityproperties.com/wordpress/2009/04/17/energy-audit-and-disclosure-in-austin/ http://www.affinityproperties.com/wordpress/2009/04/17/energy-audit-and-disclosure-in-austin/#comments Fri, 17 Apr 2009 06:58:30 +0000 J Cline http://www.affinityproperties.com/wordpress/?p=316 Energy Star Certificate program. Homes that have already done so within the last ten years are exempt from the ordinance. In this case, a home performance contractor will inspect the home, sometimes for free with a bid for work. The same areas will be reviewed as with the energy audit, and then the information will be sent to Austin Energy for review. To receive a certificate of completion, three of the requirements must be met or the homeowner must have received a rebate of $500 or more from Austin Energy. In either case, Austin Energy must approve the upgrades for energy efficiency. The information must be contained within the Seller’s Disclosure and is good for ten years.]]> http://www.affinityproperties.com/wordpress/2009/04/17/energy-audit-and-disclosure-in-austin/feed/ 0 Whoops. What School District Did You Say? http://www.affinityproperties.com/wordpress/2008/01/22/whoops-what-school-district-did-you-say/ http://www.affinityproperties.com/wordpress/2008/01/22/whoops-what-school-district-did-you-say/#comments Tue, 22 Jan 2008 23:57:15 +0000 Joe Cline http://www.affinityproperties.com/wordpress/2008/01/22/whoops-what-school-district-did-you-say/ Well sometimes everyone makes a mistake… But to misrepresent the school district that your new home is being built in is either evidence of a very slimy representative or an extremely incompetent one. Either way it’s not something that you’ll want to add to your resume. :) Kathryn points out some great tips at the end of the snippet below. Mainly, make sure that you have an agent working in your best interest. In Austin and the surrounding areas, buyer agents are typically paid for by the seller, but represent YOU. It’s also hugely important that if a salesman looks like the guy in the photo above that you seriously reconsider signing at that time!!! One item that’s not in the list below that is always a good idea is including the builder’s representations in the contract. If they won’t allow that, then it would be best to have the builder’s representative sign the documents so that you have a copy of the papers that confirm the representations. In Texas we have a very strong (well it seems strong to me, but I’m no lawyer) Deceptive Trade Practices law. Think treble damages and lots of other scary things that could happen to people who are found guilty of deception. Excerpt from Charlotte Observer.

Homebuyers say builder misstated school district

2 Pecan Hills buyers released from contract

KATHRYN THIER

kthier@charlotteobserver.com

Alisa Frady put down $20,000 in earnest money for a new home in Mooresville in the Iredell-Statesville Schools, the same district her children now attend. But it turns out that the Pecan Hills subdivision is in the Mooresville Graded School District. Frady and others say Ryan Homes, builder of Pecan Hills, gave them wrong information. … Tips for homebuyers • Call the school district to confirm which district serves the home you intend to buy. You must provide an accurate address. • Remember that individual school attendance zones may change. But district boundaries rarely change. • Engage a real estate agent to represent you. Don’t rely on the seller’s agent to represent you.
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