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    TRID - Massachusetts Offer To Purchase Timeline and Addendum

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    Richard Vetstein
    The document outlines a typical timeline for real estate transactions subject to the TRID regulations, including contingencies and closing. It notes that the purchase and sale agreement should be signed within 14 days of an accepted offer. Inspection contingencies must be satisfied within 7 days and mortgage contingencies within 36-45 days. Closing usually occurs within 50-60 days of an accepted offer. It also provides a TRID addendum addressing requirements such as disclosing the lender's attorney, providing necessary data to prepare closing documents, allowing closing delays to ensure TRID compliance, conducting utility readings ahead of closing, and permitting property walk-throughs.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    TRID - Massachusetts Offer To Purchase Timeline and Addendum

    Uploaded by

    Richard Vetstein
    60K views2 pages
    The document outlines a typical timeline for real estate transactions subject to the TRID regulations, including contingencies and closing. It notes that the purchase and sale agreement should be signed within 14 days of an accepted offer. Inspection contingencies must be satisfied within 7 days and mortgage contingencies within 36-45 days. Closing usually occurs within 50-60 days of an accepted offer. It also provides a TRID addendum addressing requirements such as disclosing the lender's attorney, providing necessary data to prepare closing documents, allowing closing delays to ensure TRID compliance, conducting utility readings ahead of closing, and permitting property walk-throughs.

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    TRID – Massachusetts Offer to Purchase Timeline and Addendum (c) Vetstein Law Group, P.C.

    Original Title

    TRID – Massachusetts Offer to Purchase Timeline and Addendum

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    The document outlines a typical timeline for real estate transactions subject to the TRID regulations, including contingencies and closing. It notes that the purchase and sale agreement should be signed within 14 days of an accepted offer. Inspection contingencies must be satisfied within 7 days and mortgage contingencies within 36-45 days. Closing usually occurs within 50-60 days of an accepted offer. It also provides a TRID addendum addressing requirements such as disclosing the lender's attorney, providing necessary data to prepare closing documents, allowing closing delays to ensure TRID compliance, conducting utility readings ahead of closing, and permitting property walk-throughs.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    60K views2 pages

    TRID - Massachusetts Offer To Purchase Timeline and Addendum

    Uploaded by

    Richard Vetstein
    The document outlines a typical timeline for real estate transactions subject to the TRID regulations, including contingencies and closing. It notes that the purchase and sale agreement should be signed within 14 days of an accepted offer. Inspection contingencies must be satisfied within 7 days and mortgage contingencies within 36-45 days. Closing usually occurs within 50-60 days of an accepted offer. It also provides a TRID addendum addressing requirements such as disclosing the lender's attorney, providing necessary data to prepare closing documents, allowing closing delays to ensure TRID compliance, conducting utility readings ahead of closing, and permitting property walk-throughs.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    TRID OFFER TO PURCHASE TIMELINE

    (BASED ON 50-60 DAY CLOSING TIMELINE FROM ACCEPTED OFFER)

    SIGN PURCHASE AND SALE AGREEMENT - 14 DAYS FROM ACCEPTED OFFER


    INSPECTION CONTINGENCIES 7 DAYS FROM ACCEPTED OFFER
    MORTGAGE CONTINGENCY 36-45 DAYS FROM ACCEPTED OFFER
    CLOSING 50-60 DAYS FROM ACCEPTED OFFER
    ***USE ATTACHED TRID ADDENDUM TO ALL OFFERS!

    Richard D. Vetstein, Esq. ([email protected])

    TRID ADDENDUM
    Property: _______________________________________
    Truth In Lending Integrated Disclosure Rule (TRID) Compliance.
    1. The BUYER shall obtain and promptly disclose to the SELLER the name of the
    attorney engaged to represent the BUYERs mortgage lender (Lenders Counsel).
    2. The SELLER and the BUYER shall furnish to Lenders Counsel as soon as possible
    and in any event no later than 20 days in advance of the scheduled Closing all data
    known or available to or otherwise obtainable by such party and required in order to
    calculate the adjustments provided for in the applicable clause of the Purchase and Sale
    Agreement or requested by Lenders Counsel in order to prepare the Closing Disclosure.
    3. At the request of Lenders Counsel, the Closing will be extended for up to 8 days or
    longer as may be necessary in order to assure full compliance with the Integrated
    Disclosure Rule.
    4. No less than 20 days prior to the scheduled closing, all final utility readings
    (water/sewer, oil/fuel) shall be conducted and submitted to the Closing Attorney. The
    Closing Disclosure/Settlement Statement shall reflect adjustments and payments as of the
    reading date, however, the parties may reasonably estimate fuel adjustment as of the
    closing date. There shall be no further adjustment unless the parties agree otherwise.
    5. Neither party shall have any claim against the other for any loss or damage resulting
    from the extension of the Closing pursuant to the preceding Paragraph 3 except to the
    extent that such extension is made necessary by a breach of the provisions of this
    Addendum.
    6. The Buyer may be permitted to have two (2) walk-throughs, the first up to 14 days
    prior to closing and the second within 48 hours prior to closing. The parties understand
    that any holdback or adjustments on the Closing Disclosure will likely be subject to
    lender approval.
    7. The foregoing provisions shall be incorporated into the Purchase and Sale Agreement.

    SELLER: _____________________________

    BUYER: _____________________

    SELLER: _____________________________

    BUYER: _____________________

    Richard D. Vetstein, Esq. ([email protected])

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