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What is Consummation in Real Estate?

June 4, 2015 By Doug Francis

When a prominent McLean real estate attorney gave a presentation in 2015 to our office about the upcoming RESPA changes, he used “Consummation” of the sale rather than Settlement.

The room chuckled like a class of 8th graders, looking at each other and whispering, “Consummation?”

Of course, we were all thinking along the lines of a proper Wedding night consummation.

Let’s get over the giggles now because this is real, hard-core, must-know real estate information for buyers and home sellers across the United States.

What is consummation in real estate loans exactly?

Let’s look at the CFPB‘s definition:

Consumation real estate

Source: Consumer Finance Protection Bureau

Okay, that does help clarify that consummation occurs when the Consumer (aka the buyer or borrower) signs the loan papers from the mortgage lender.

But remember consumers, consummation happens three days after you acknowledge receipt of the Closing Disclosure.

Real Estate Timelines Moving Forward

Understanding the timelines will become significantly less flexible for proper consummation in real estate or in a home sale… after August 1  October 1, 2015.

This job is really shifting to the individual loan officers to explain what once took place in the Title Company offices. Essentially, they are the ones who need to deliver the Closing Disclosure document to the Consumer properly in order to close on the contract closing date.

My tip here… lender selection is going to become more important than ever. Best to ask me or your real estate professional for a recommendation. There will be a new level of technology involved and you will need to feel comfortable in advance that a well-trained professional is handling this critical part of your home purchase.

And, for a negotiating tip… home buyers need to know that sellers will be much more suspect of unfamiliar lending institutions when they are evaluating your offer and pre-approval letter especially in competitive bid situations.

And if you are a home seller… the days of back-to-back closings isn’t going happen anymore. There are just too many variables including mandatory three day waiting periods.

Just some food for thought for you taken from what I see happening in the local real estate market.

Interested in reading more? Check out the 96-page TILA-RESPA Integrated Disclosure, Guide to the Loan Estimate and Closing Disclosure Forms.

Let me know if you have any questions because you’re not going to see this on HGTV.

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Filed Under: Blog, Home Buyer Tips, Home Seller Tips Tagged With: Home Buyer Tips, Home Seller Tips, mortgage

About Doug Francis

A Realtor specializing in unique and new homes around Vienna, Virginia, Doug started writing a first-hand blog about his everyday real estate experiences a decade ago. In-depth, helpful and fun has always been the objective. Outside real estate, he was profiled in a commercial for Verisign's "Where the World Clicks" global ad campaign, and was quoted in Money Magazine's Best Places to Live article on Vienna (#3!). He's a Boston University graduate who feels morning coffee is non-negotiable.

Vienna real estate agent Doug Francis

I’m so excited that you found me! Yes, this site covers real estate, but also a lot about lifestyle and  living in Vienna, Virginia outside Washington, D.C.

There is a lot of info here, and you can also contact me with any specific real estate questions. And, at home consultations are available too.

My background… I’ve been an active licensed agent in Virginia for 25 years, work at TTR Sotheby’s International Realty in McLean, and sell homes in all price ranges. I donate to the Town of Vienna tree replacement fund, participate in a neighborhood citizens association, and try my best to stay in shape.

Let me help you: Email doug@dougfrancis.com or call me at (703) 304-6827 to discuss your plans. Cheers!

Filmed in Vienna and McLean

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About Doug Francis

I am a Realtor with TTR Sotheby's International Realty® just outside Washington D.C. in Northern Virginia. I have been a full-time Realtor licensed in Virginia since 1991, and cover a big territory specializing in the Vienna real estate market and custom homes for sale.

I have unique knowledge of digital real estate marketing, and my marketing starts here. My clients have been attracted to my results-oriented strategy for years, and I am accepting new clients for 2023 right now.

Thanks for reading, and feel free to contact me at 703-304-6827 or email me at doug@dougfrancis.com anytime!

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6723 Whittier Avenue McLean, VA 22101

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