During a Florida residential closing, the buyer notices that the closing disclosure shows a different interest rate than what was quoted in the loan estimate. The lender explains that market rates increased since the initial quote. What rights does the buyer have under TRID regulations?
Correct Answer
B) The buyer has the right to a 3-day review period before proceeding with closing
Correct: Under TRID, significant changes to loan terms trigger a new 3-day review period before closing can proceed. Why not A: Buyers are not required to accept significant changes without review time. Why not C: Lenders are not obligated to honor initial rate quotes when market conditions change significantly. Why not D: Rate changes do not automatically require purchase price renegotiation.
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- → A Florida buyer's side of the closing statement shows note documentary stamp tax of $875, nonrecurring intangible tax of $500, lender charges of $1,200, and recording charges of $95. What is the buyer's total for those stated items?
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- → In Florida real estate transactions, all of the following are typically paid by the buyer at closing EXCEPT:
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- → Scenario Harbor Manual raises this Florida point. A Florida buyer agrees by contract to pay a survey of $500, an inspection of $500, an appraisal of $575, and prepaid interest of $520. What is the buyer's total for these agreed costs?
- → A buyer in Orange County is purchasing a home for $295,000 with a conventional loan of $236,000. The lender requires: 1% origination fee, 0.5% discount points, $450 appraisal, $35 credit report, and $95 flood certification. The title company charges $1,100 for owner's title insurance and $650 for lender's title insurance. The buyer will also pay $375 for a home inspection. What is the buyer's total closing costs for these items?
- → A buyer in Palm Beach County is purchasing a waterfront home for $850,000 with a jumbo loan of $650,000. The lender charges 1.5% origination fee, 0.75% discount points, and a $1,200 underwriting fee. The documentary stamp tax on the deed is $3.00 per $1,000, and intangible tax on the mortgage is $2.00 per $1,000. If the buyer pays all lender fees and intangible tax, while the seller pays deed stamps, what is the buyer's total cost for these items?
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In a Florida closing, the seller prepaid the annual property taxes of $3,600 on January 1st. The property closes on September 10th. Using the 365-day method, what is the buyer's prorated share of the taxes that should be credited to the seller?
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In Florida real estate closings, all of the following documents are typically required EXCEPT: