Some Good News for the North Carolina Real Property Lawyer
By: Greg Henshaw, Triad Branch Managre and Title Counsel
It has been about nine months since the TILA/RESPA Integrated Disclosure (“TRID”) regulations became the new normal for most real estate transactions in North Carolina. By now, most closing attorneys have handled a TRID closing and are familiar with the requirements and challenges that have arisen with the new federal regulations. We all know that changes in the legal profession are inevitable, but changes in the real property area seem to occur with some regularity, the TRID regulations being the latest. As with all regulatory and statutory changes, the original product is not always perfect. It is often necessary for there to be “cleanup” work to tweak the regulation or statute to make it better for the public and the parties tasked with implementing the regulation or statute. Such a change has recently occurred, and the change is good news for North Carolina real property lawyers.
One challenge created by the TRID regulations involves the timing of delivery of various disclosures to the borrower in a loan transaction. In order to comply with these regulations and prepare the disclosures, lenders must collect all fee information as quickly as possible from the closing attorney. One such fee is the cost to record certain documents at the Register of Deeds Office, such as a deed or deed of trust. Unfortunately for the closing attorney, it is not always clear how many pages are in a lender's deed of trust, which makes determining the fee to record impossible to accurately quote. The result can be money coming out of the closing attorney's pocket or the necessity of sending the borrower a revised disclosure and refund check post-closing. Neither result is ideal for the closing attorney.
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