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What is Consummation in Real Estate?

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.

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

About Doug Francis

A seasoned Realtor specializing in unique and new homes around Vienna, Virginia, Doug has seen consumer behavior, negotiations and communication styles change. At his original brokerage, he was the first agent to add an email address. Imagine! Outside real estate, he plays tennis, is a Washington Capitals fan, spends time with Skipper (his dog), and enjoys the restaurant scene in the DCA. He's a Boston University graduate who feels morning coffee is non-negotiable.

Vienna real estate agent Doug Francis

When we bought our house in Vienna, we were thinking about raising the kids, building an addition, and knowing the neighbors. Today, home buyers are attracted to Vienna because of the sense of community, walkability, and small town lifestyle.

So, what’s next after your 25 years? It’s a conversation many of my clients are having with me as they plan to move to the beach, travel, or get closer to grandkids. Helping them see their future, sell their current home, and move ahead with their updated plan has been an interesting new chapter.

My background: I am an active licensed agent in Virginia, have negotiated hundreds of sales contracts, work at TTR Sotheby’s International Realty in McLean, and still 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’s discuss your moving plans: Email doug@dougfrancis.com or call me at (703) 304-6827 .  Cheers!

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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'm licensed in Virginia with a focus on Vienna, VA real estate since 1991.

That deep knowledge is valuable, especially in today's fast-paced market where advice is critical. Although many of my clients are personally referred, I am available to help you too and am accepting new clients right now.

Feel free to contact me at 703-304-6827 or email me at doug@dougfrancis.com anytime!

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Doug: (703) 304-6827

TTR Sotheby's International Realty
6723 Whittier Avenue McLean, VA 22101

Office: 703-319-3344
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