The new RESPA rules require a buyer to have a minimum of three days to review the final settlement sheet (Closing Disclosure) before closing takes place. What if the buyer or the seller have a need to settle sooner? The new rules provide as follows:
- Consumer may waive waiting period if they have a bona fide personal financial emergency. No waiver afforded for seller’s financial emergency.
- Purposely narrow definition by example: an imminent sale of consumer’s home at foreclosure. Bureau chose not to expand definition.