Over the years, home buying has become much more transparent.Â The TILA/RESPA Integrated Disclosure forms, also known as â€œTRIDâ€ forms, represent one of the additions that have made the home buying process much clearer.Â This form ensures that all of the pertinent information regarding the property closing is disclosed and easy to understand â€“ all within one document.Â The following information is just some of the information that youâ€™ll find on a TRID form:
Closing, Transaction, and Loan Information
The first section of the document lists the basic information about the real estate purchase.Â This section not only covers information such as closing cost, names of those involved in the transaction, etc., but it also includes the specific information regarding the buyerâ€™s loan terms.
Costs at Closing
This sectionâ€™s purpose is to ensure that the buyer is fully aware of all of the costs due at the time of the closing.Â A total amount is listed along with a detailed list of the fees included within that total.Â In addition, there is a total amount of â€œcash to close.â€ This is the amount of cash that needs to be transferred to the seller on the closing date.
Summaries of Transactions
This section discloses the amounts associated with the real estate transaction between the borrower and seller, together with closing costs.Â It also lists the amounts due to/from the buyer and seller.
The loan disclosures are the â€œfine printâ€ details of the transaction.Â This includes information on the assumption of the loan, demand feature, late payment, negative amortization, partial payments, escrow information, and additional loan information.
Loan Calculations, Other Disclosures, Contact Information
First, the â€œLoan Calculationsâ€ section provides information regarding the total amount that will be paid over the course of the payment schedule and any additional charges that will inevitably occur throughout the course of the loan.Â Next, youâ€™ll find the â€œOther Disclosuresâ€ section, which includes information on the appraisal, contract details, liability after foreclosure, refinancing and tax deductions. Finally, the contact information of everyone involved in the transaction is listed in case any follow up is needed.
While the TRID forms provides a lot of the basic information and figures, it usually takes hundreds of pages of paperwork to finalize everything found on the TRID form.Â Ensure that you have an experienced, professional attorney at your side during the entire buying or selling process.