Integrated Mortgage Disclosure Rule (TRID) for the Seller

Rule (TRID) for the Seller

On October 3, 2015, new rules took effect that will change decades-old aspects of buying and selling real estate. Although there are many aspects to the rules, there is one that is critical to you and should be understood before signing any documents. So, what do you absolutely need to know? Your closing date can no longer be set in stone.

The explanation.

The “closing date” is the day that you sign documents, the deed is recorded, and most importantly, YOU RECEIVE YOUR SALE PROCEEDS! The closing date is established in the written offer and the “Purchase and Sale Agreement” that you will sign at the beginning of the process. As the Seller, you are expected (and contractually required) to deliver the house fully vacant and clean on the closing date.

Former practice.

For eons, the days leading up to a scheduled closing date often resembled a grade school fire drill. Although the parties fully expect and have planned to trade money for keys on the closing date, the days and hours leading up to the closing date are usually full of last minute closing chaos. The lender may have not issued a final loan approval, and the buyer is scrambling to comply with the lender’s last minute request for a certain document. The document is received, but after review, another document is required. The lender reviews the second document late in the day, a final underwriting review takes place, and presto, the “clear to close” finally issues. The file is then transferred to the lender’s closing department, and an hour before the scheduled closing a closing package is delivered to the closing attorney. The closing attorney plugs numbers into the software program and sends the buyers and sellers “closing numbers” (how much does the Buyer need to bring; how much will the Seller receive). The Buyer runs to the bank and waits in line for a treasurer’s check. Five minutes before the closing, the Buyers (AND SELLERS) arrive at the closing attorney’s office. Pens are distributed, and a blur of document signing follows!

New practice.

Due to the new disclosure rule (TRID), the pre closing scramble will be a thing of the past. Under the new rules, no closing can take place until the third business day after A) the buyer’s loan has final approval; B) the lender has issued to the Buyer and the Buyer has acknowledged receipt of a document called the “Closing Disclosure” (“CD”). The CD contains the “closing numbers” and informs the Buyer what they needed to bring to the closing. The wonderful thing is that the Buyer and Seller have 3 days to carefully review numbers before documents can be signed. The not so wonderful thing is that the Buyer cannot waive the three day requirement, so situations may exist where the closing date in the purchase and sale agreement cannot be met due to the waiting requirement.

What do you need to know?

Under these new rules, the number of instances when closing delays occur will increase dramatically. Buyers (and their brokers and attorneys) will have far less control over the date your sale actually closes, regardless of what is in the purchase and sale agreement. This is not the Buyer’s “fault”. Rather, the federal government has mandated that there be a 3 day period where there used to be none.

What can you do?

As Seller, we suggest that you:

• Be flexible and patient – remember, delays will happen, your buyer will be as stressed as you!
• Be prepared – if there is a delay, how will your mover handle it? Consider whether the mover can make a change last minute: What will the mover charge if they store your things on a truck during the delay; Do you have a place to go if your furniture is on a moving truck?
• Avoid the busiest closing dates – traditionally, most closings are in the last couple of business days of the month. Speak with your broker about avoiding these dates before you sign your initial offer.
• Reserve rights – if you are buying as well as selling, be sure to reserve the right in your offer and subsequent Purchase & Sale Agreement to delay your purchase closing if your sale gets held up.

Help yourself and the Buyers: SELLERS can help themselves and the BUYERS to close on time by providing any and all requested information in a timely manner. Final Readings and/or adjustments, Smoke and Carbon Monoxide Detector Certifications and Title 5 (Septic System) Certifications should all be provided to the Closing Attorney’s Office a promptly so that no delays are caused by the Sellers.

Big Foot Moving & Storage, Inc. has the manpower, resources, and infrastructure to give you the flexibility needed. We take great pride in serving our customer’s needs. Last minute schedule changes are stressful for Buyers and Sellers, but already common in our daily dispatching. If your home closed, but the new home closing is delayed, Big Foot will hold your belongings on a locked and sealed truck until the new home is available. We charge $150.00 per night, per truck needed. This $150.00 per night, per truck is called an “Overnight Hold Fee” and the shipment is simply kept on the truck (s) at our facility safe and secured. For further information on how TRID may affect your move, please feel free to contact our office at 781-488-3090 or email us at info@bigfootmoving.com.

Preparing Computers for a Move

When preparing for a move, your computer is one of the most valuable things you will pack. Before moving your computer, however, there are several important preparations you should make to protect your data and equipment. The full-service moving and storage professionals at Big Foot Moving & Storage offer these tips for preparing your computer.

Back up all files. This is the most important thing you can do before a move. You can choose to back up files in any number of ways. The method you use for backing up your files will largely depend on the amount of data you have stored on your computer. Choices include burning all of your files to CDs or DVDs, or transferring them to flash drives. An external hard drive can also be an ideal way to back up your data, particularly when there is a substantial amount. Big Foot Moving & Storage recommends that you do not store these back up files with the computer; rather pack them separately with any other system programs.

Remove any disks. Check all drives for CDs and other inserted computer components. These should be removed to prevent them from being damaged during the packing process. Pack CDs in their original cases in well-padded boxes.

Shut everything down. Many of us are in the bad habit of leaving our computers on all the time and just letting them fall asleep. When you are preparing to move your computer, however, it is necessary to perform a proper shutdown.

Find the original packaging. The best way to pack your computer for a move is to put it back in its original box. Computers come packed with all the appropriate cushioning and support they need to be safely packed, shipped, or moved. If you cannot locate the original packaging for your computer, make sure to pack it with adequate padding, such as foam core, packing peanuts, paper pads, etc… before sealing it up.

Take care of separate components. When packing your computer, be careful of all the extra wires, printers, and other components that also need to come with you. Remove ink and paper from printers, unplug all wires, and pack associated computer components in their original boxes if possible. Big Foot Moving & Storage will provide large keyboard / parts bags to ensure all the miscellaneous items, wires, etc… will stay together for each workstation.

Choose responsible movers. Your computer is one of your most valuable possessions. When it is time to move it, choose licensed and responsible moving and full-service storage experts, such as the team at Big Foot Moving & Storage, Inc. Experienced moving and storage professionals can help you to properly pack and protect your technology.

How to Pack Family Heirlooms

Big Foot Moving & Storage, Inc. knows that there are certain items that need special protection such as family heirlooms and antiques. These items are simply irreplaceable if broken or damaged, making proper packing techniques an absolute must. Different types of family heirlooms will require different packing methods to ensure their safety.

Before You Pack

Before you begin packing any family heirlooms, organize a document that records the current condition of any items, including any pre-existing damage. This document will allow you to keep track of all the items you have packed and make sure that none of them are harmed in the packing, storage, and moving process.

Packing China, Pottery, Ceramics, and Glass

One of the key tricks for packing fine china, pottery, porcelain, or other highly breakable heirlooms is double boxing. First, pack items carefully into a single box. Add newsprint inside any glasses, vases, or other open vessels to support them. Make sure that all items are well padded with newsprint, packing peanuts, and other cushioning materials before sealing the box. Next, place that box inside a larger box and add padding around all sides to cushion the inner box in the event that it is dropped or bumped. These items cannot be replaced, so there is no reason not to be extra careful in the packing process.

Packing and Moving Furniture

Furniture can be difficult to pack because it is so large. You can’t simply box it up and put it away. You should, however, take apart any components that can be separated, such as headboards, mirrors attached to dressers, and dresser drawers. Wrap all chair, table, and sofa legs, as well as any delicate corners of your heirloom furniture in bubble wrap to protect it from being bumped. Where there is upholstery involved, cover with blankets or other cloth covers to prevent tears, rips, or stains. When packing heirloom furniture, never stack pieces.

Precautions for Packing Art

When packing paintings, start by covering the entire piece with glassine paper, followed by clear plastic. Paintings should then be surrounded with cardboard and padding for the move. It is also possible to get custom crates made for packing and moving art. Always stand paintings up when moving them; laying paintings flat makes it tempting to stack things on top of them.

Consider Valuation

Of course, the best protection is choosing top-notch moving and storage experts, such as Big Foot Moving & Storage, Inc. However, before you move any family heirlooms, be sure to have them scheduled on your renters/homeowners policy. While mover’s valuation protection can’t replace a lost or damaged item, it can at least provide compensation for any harm done to heirlooms in the packing and moving process.

The Dangers of Using an Unlicensed Mover

Big Foot may be gigantic and hairy and sometimes he smells like the forest, but he is nothing to be afraid of. He’s a big softy and never means to scare anyone. Unfortunately, there are less friendly creatures out there and Big Foot wants to make sure you stay safe.

There are plenty of options when it comes to choosing a mover. You may pick a mover out of the phonebook, based on a friend’s recommendation, or because of a website. Of all your options, considering a licensed mover is always the best way to go. In fact, for many people, choosing an unlicensed mover has had dire consequences: potential damage, theft, and even extortion. Choosing a licensed, professional company like Big Foot Moving & Storage, Inc. can save you and your belongings from this fate.

The Danger: Unsafe Moving Trucks

One risk of using an unlicensed mover for transporting your possessions is that their trucks and other infrastructure may not be as high quality as it needs to be. Unlicensed companies have been known to send uninsured, unsafe trucks to pick up and move possessions. In the event of lost or damaged goods, then, consumers have no recourse through company insurance.

The Danger: Theft

Theft is not an uncommon result when using unlicensed movers. Sometimes these movers simply steal a few items, choosing from among the wealth of objects loaded on to their truck; in other cases they have been known to drive off with an individual’s possessions in tow. You can be sure this never happens when you use a licensed, professional moving, and storage company like Big Foot Moving & Storage, Inc. to pack and move your valuable possessions.

The Danger: Extortion

There have been several recent cases of extreme extortion linked to unlicensed moving companies. These deceptive companies assert that a move will cost one price, and upon loading up your possessions then change that price to something much higher. If customers then refused to pay the new, higher price, these unlicensed companies would hold their possessions hostage. These predatory movers may also demand one price to simply unload the truck or a much higher price to actually complete the move. Dealing with predatory movers can be dangerous, but this can be avoided by choosing a well-vetted, professional moving and storage company like Big Foot Moving & Storage, Inc.

Tips for Packing Your Home Library

When preparing for a move, your library of books may fall on the bottom of the priority list. After all, books are fairly regular in shape and seemingly easy to pack in a box. However, some books are heavy and others may be fragile. Try these packing tips from Big Foot Moving & Storage, Inc. for preserving your library – and your back.

Keep Boxes Small

One of the key tricks to successfully packing your home library is to keep box size small. Books may be regularly shaped, but they are quite heavy. If you choose too large a box, while it may efficiently hold a significant chunk of your library, it will also be difficult to lift. While it may seem inefficient to pack a lot of smaller boxes, being unable to lift your book boxes is certainly even less efficient.

Organize Books by Size and Type

Before putting books into boxes, separate them out into hardcover books and paperbacks. Within those categories, organize your books by size. These groupings will allow you to fit the greatest number of books possible into each small box. While combining paperbacks with hardcover books may seem like a good way to lighten a box, it can result in damage to the paperback editions.

Use the Right Materials

Once you have placed as many books into a box as possible, look for any gaps or empty spaces. Use bubble wrap or packing paper to fill in these gaps. This helps to avoid shifting during the moving process, a common cause of damage to book collections. Additionally, if your books are going into storage with a full-service company like Big Foot Moving & Storage or if they will be kept in boxes for an extended period of time, add a silica gel packet to the boxes. This will absorb any moisture that could harm your books.

If you are packing first editions, collectible books, family photo albums, or other more delicate books, add layers of stiff cardboard between each book so that the spines will remain straight. Make sure such books go into a well-padded box and that there is no potential for movement during transport.

Label Boxes Clearly

After your boxes are packed and sealed, clearly mark that they contain books. This serves as a warning to anyone lifting the box that it may be rather heavy. Clearly marking book boxes is the best way to avoid injury when packing and moving your library.

Office Moving Tips and Tasks to Ensure Efficiency

It has been said that moving a household is one of life’s most stressful events. Moving an office can be even more complicated. It requires a seamless transition so that the success of your business isn’t disrupted. Big Foot Moving & Storage, Inc. appreciates the magnitude and uniqueness of this type of relocation. There’s a lot to do for an office move; the earlier you start planning, the greater the chance you have of achieving the smooth move your company expects. We compiled a short list of preliminary tasks to assist you. A more detailed checklistis also available on our website.

1. Form a relocation team of employees. A project leader should be identified to spearhead the move. The project leader may distribute tasks so there is a point person(s) for each area of the move such as technology, vendors, employee communication, etc. Schedule regular meetings with this team of liaisons to review project status.
2. Create a budget. Define a budget in advance and have funds available for unexpected costs that may arise. In addition to standard expenses such as labor, will you need to purchase any special permits or documentation?
3. Identify a schedule. Start reviewing your options 9+ months prior to your lease expiration. If you are renting company space, will your move date coincide with the lease end date? If you wish to leave the space earlier, discuss your options with the landlord. Consider a buffer for packing and moving office furniture and equipment so as not to extend the lease. The most popular time to move is in the summer, which also makes it the most expensive. Additionally, although it may be necessary to move after normal business hours or over a weekend, this may incur extra fees.
4. Consider current processes and deadlines. How will you align these processes during the relocation? For example, how will you arrange deliveries? How will active projects be handled? In an effort to avoid any delays because documentation and/or equipment is inaccessible during the move, plan a short break period and communicate this to all staff and clients.
5. Hire a professional moving company. Working with the right office moving professionals is an important must-do for any company thinking of office relocation. A professional moving company will guide you through the process, save you money in the long run, and ensure you don’t make any critical mistakes during your move. Obtain several estimates to evaluate cost and action plan. Check the movers’ licensing, reputation, working history, and read reviews. Personal recommendations are the best means of finding the right moving company. Some of the most trusted feedback can be obtained from the property manager or real estate agent that may be assisting your business relocation.

Big Foot Moving & Storage, Inc. offers top-quality office relocation services to our clients in the Boston area and beyond. Big Foot Moving & Storage offers the commitment and expertise to complete any size office move smoothly. If you’re feeling overwhelmed with planning your company’s relocation, give us a call at 781-488-3090 to get a free business moving quote.

12 Ways To Find A Mover You Can Trust

It is widely recognized that some Internet Websites attract consumers off of the World Wide Web and then take advantage of them. According to moving and relocation industry professionals there are 12 sure fire ways a consumer or business can determine if they will be satisfied with the company they select to handle their move to a new home or office. Here are the 12 ways you can spot a qualified mover that you can trust:

1. Avoid booking your move with a internet based moving broker, most of whom hand your move over to a different company, a company you have not checked and done research on. Make sure that the company you book your move with will be the same company who performs your actual physical move.
2. You should be able to meet or talk to the owner. If you can talk to the owner of the business, even if only by phone, you will be able to develop a feeling of confidence that he is experienced and capable enough to assure a professional move.
3. It is a good idea to get a recommendation. A satisfied customer is the best sales pitch for a mover. Remember, even a mover with a big franchised name is still a local business who is only as good as his local reputation.
4. If you are moving within a state, make sure the mover you are considering is licensed by that state’s Department of Transportation, Public Utilities Commission, or Bureau of Consumer Affairs. A call to your local state association can help determine if a mover is licensed.  In the Commonwealth of Massachusetts, local moving companies are regulated by the Massachusetts Department of Telecommunications & Energy (Transportation Division).  The MDTE website is http://www.mass.gov/dte/transportation/transportation.htm.  If you are moving to a different state, check to make sure the mover is licensed by the Federal Department of Transportation, located at http://www.fmcsa.dot.gov/factsfigs/moving.htm. Don’t take the company’s word for it, call the regulatory agency or state association and check for yourself.
5. Check with the Better Business Bureau regarding constant numerous complaints at http://www.bosbbb.org. Note that a responsible mover may have a few complaints lodged against them — the more moves they handle the more likely it is that they will have at least a few complaints — but their record with the Better Business Bureau should show that they have a satisfactory rating and that they respond to and resolve complaints.
6. Ask your potential mover if they carry Workers’ Compensation Insurance. If you have doubts ask to see “proof of insurance” in the form of an “Insurance Certificate” issued by their insurance carrier. Remember; without Workers Compensation Insurance you will be potentially liable for anyone hurt on your premises. Workers’ Compensation Insurance adds to the cost of doing business but it protects you if someone is injured during your move. Be suspicious of the very low bidder for they may be cutting costs by cheating on essential Workers’ Compensation Insurance protection.
7. Make sure the mover’s place of business actually exists. Beware of companies who provide no business address on their Website, business documents, or a company that is hesitant to provide you with their physical business address. It is important that you know where to track the company down if you have a problem.
8. Don’t listen to sales people who tell stories. A high-quality firm with a good reputation doesn’t need to knock the competition, or criticize other firms to make themselves look better.
9. It’s a good idea to get a recommendation. A satisfied customer is the best sales pitch.
10. Ask if the company is a member of the state moving and storage association in the state in which they are based. Ask if they are a member of the American Moving & Storage Association, located at http://www.promover.org. A reputable company should be a member of one or the other.
11. If you are moving to a different state, read the federally mandated publication, “Your Rights and Responsibilities When You Move”, at http://www.fmcsa.dot.gov/factsfigs/rights.htm.
12. If you are moving to a different state, insist that you receive the following federally mandated documents from your mover. If the mover is hesitant to provide you with any of these items you should reconsider using that company (note that many state agencies also mandate documents of this type):
    • An “Order for Service” signed by your mover. The Order for service protects you by spelling out the agreement between you and your mover regarding the dates the shipment will be loaded and delivered, the estimated cost, and (if you are moving to a different state) the fact that the mover can only collect 110% of the estimate at the time of delivery.
    • A written estimate itemizing the entire component charges that makes up the estimate for your moving cost. Prior to the move date, insist on an in-home visual inspection of the goods you are moving. Accurate estimates can seldom be provided over the telephone. Never believe that a phone estimate given by a mover, will be the actual cost of your move.
    • A “Table of Measurements” (also known as a “Cube Sheet”) listing all of the items that you will be moving (pieces of furniture, number of boxes, etc.). The mover creates the Table of Measurements in order to calculate the size and weight of your move.

Retaining the services of a high quality, licensed mover requires a little work on the part of the consumer, but the reward is great; a high quality move with minimal stress. We urge you to spend a little extra time to assure that you locate one of the many quality minded licensed moving & storage professionals operating in our industry.