Okay, so I won't bore you with all of the specifics, but here are some high-level things that will look differently next time you buy or sell a home (primary or secondary).
- The ubiquitous HUD-1 form that has been used for years which shows both sides of the transaction is out, the new Closing Disclosure ("CD") showing only one side of the transaction is in
- The CD is prepared by your lender (not the title company) and you must receive it 3 days before scheduled closing (not 1 day like before)
- Because the CD contains confidential personal information, your lender cannot share it with your agent
- The information needed to prepare the CD must be provided to the lender 10 to 14 days prior to closing and is typically compiled by the title company