Many people ask about what is on the NC Real Estate Closing Disclosure Form.
Lets go over just what the Closing Disclosure Form covers?
The Closing Disclosure Form is a somewhat simple and straightforward form consisting of typically only five pages.
Page 1 of 5: The NC Real Estate Closing Disclosure mimics the Loan Estimate form: loan terms, projected payments, and costs at closing. This is all of the most important information that a borrower wants to know. Note that on the right-hand side of the page, you’ll see those same call-out type questions.
Page 2 of 5: This page includes the loan closing cost details, but there are some differences from the Loan Estimate. The origination costs, taxes, and initial escrow payment at closing still feature, but this page includes the actual services that the borrower did or did not shop for. There are totals for the different categories.
Page 3 of 5: This page includes the summary of transactions for both the borrower and the seller, with tables to show the summary of each transaction, such as what’s due at closing from the borrower, and what is due to and from the seller. This is where any changes that have occurred since the Loan Estimate are listed. The summaries of buyer and seller transactions are also covered on this page.
Page 4 of 5: This page presents information about the loan, such as: Is it assumable? Does it have a demand feature? How much is the late fee for late payments?
Page 5 of 5: This page includes loan calculations, broken down by total of payments, finance charge, amount financed, and percentage rate details, as well as other disclosures. At the bottom of this page is contact information for the lender, mortgage broker, buyer’s real estate broker, seller’s real estate broker, and the settlement agent.
The Closing Disclosure needs to be reviewed by the borrower prior to closing the loan to ensure that all fees and charges are what he expected, particularly in the section providing for items payable in connection with the loan. If the borrower is required to bring to closing more money than expected, the borrower should stop, call the loan officer, and have the difference thoroughly explained before signing.
While this information covers most NC Real Estate Closing Disclosure Forms a competent NC real estate attorney should always review and advise you in your transaction.
The North Carolina Real Estate Commission requires me to provide my clients with a Working With Real Estate Agent Brochure. Click on this Mandatory Brochure LINK for your copy. View the NC Fair Housing Disclosure Here
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