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TRID Frequently Asked Questions

Developed with: Academy Mortgage, Adams Community Bank, Berkshire Bank, Greylock Federal Credit Union, Lee Bank, MountainOne Bank, Salisbury Bank, and Trustco Bank. 

What do the local lenders suggest for contingency and closing dates?

A 60 day closing, following the best practices we’ve identified, ensures you will be able to navigate the new disclosure process. If a buyer needs more time, REALTORS should extend all of the dates that follow and / or contact the lender for specific instructions. The Berkshire Board of REALTORS created an extensive Extension of Performance Dates addendum that allows you to extend all dates in the P&S in one convenient place.  Your other important role is educating buyers on the importance of sticking to the dates they agreed to, and creating realistic expectations.

Mortgage and Insurance Application dates 7 days after termination date
Inspection Contingency Dates 15 days after termination date
Insurance / Mortgage Contingency Dates 45 days after termination date
Closing 60 days after termination date

* Please note that Inspection issues, appraisal issues, failure by the buyer or seller to provide timely documentation or perform, title issues, pay-off issues all may delay this timeline.

How can REALTORS help make sure back-to-back closings stay on track when two sales are involved?

The greatest thing you can do to make sure things stay on task is communicate, communicate, communicate.  It is very important that the lenders are kept informed of any thing you might learn regarding closings, that everyone is clear with their buyer, seller, attorneys and lenders that commitment dates are incredibly important and that you follow the best practices as best as possible. … Read on

TRID Best Practices

Timeline Best Practices

  • Purchase and Sale Suggested Timelines for 60 Day Closing: Consult Your Lender for Variances
Mortgage and Insurance Application dates 7 days after termination date
Inspection Contingency Dates 15 days after termination date
Insurance / Mortgage Contingency Dates 45 days after termination date
Closing 60 days after termination date
  • Termination date is the date found on the last page of the Purchase and Sale agreement whereby a seller and buyer need to accept all terms and agree to the sale.
  • If a buyer needs more time? Extend these dates or contact the lender for specific instructions. Please note that Inspection issues, appraisal issues, failure by the buyer or seller to provide timely documentation or perform, title issues, pay-off issues all may delay this timeline.
  • When calculating dates, use a calendar to ensure you do not pick weekends or holidays for contingency or closing dates.
  • Set the contingency dates based on the offer’s termination date (paragraph 37) to ensure your buyer has the full amount of days to perform.
  • If the termination date is extended to allow the seller more time to execute and deliver the contract, extend the contingency dates as well, so you’re adhering to the basic timeline plus the extra days.

Communication Best Practices

  • COMMUNICATE – COMMUNICATE – COMMUNICATE, with each other, with the mortgage lenders, with the attorneys. Send paperwork promptly, in full, and respond to calls and emails promptly.
  • Paperwork: Email the Purchase and Sale agreement to the chosen Lender and Attorney ASAP so they can add the sale to their closing schedule.
… Read on

2004 REALTOR of the YEAR, Mary-Jane Dalmaso

Mary-Jane Dalmaso, of Century 21 Harold Dupee, REALTORS® in North Adams has been chosen the 2004 Berkshire County REALTOR® of the Year. Nominated and chosen by her colleagues, Mary-Jane is being honored for her commitment to civic-minded leadership in both the REALTOR® organization and

in the Berkshire community.

Mary-Jane is most recognized among her peers for her commitment to education and business leadership in the REALTOR® organization and her dedication to the Code of Ethics process. She has served as a hearing panelist and chairperson of ethics and arbitration tribunals both locally and as an appointed member of the Massachusetts Association of REALTORS® Professional Standards Committee.

“I am always willing to serve in any capacity for which I am qualified, at any time, for the benefit of our Board and MLS.”

Most recently, Mary Jane has served as President of the Multiple Listing Service (MLS) corporation, which provides database listing services for all REALTORS® in Berkshire County, and provides REALTOR.com and on-line advertising display of Berkshire properties for sale or lease. She was instrumental in the selection of the database system used, monitoring the rules and regulations relaed to membership and maintaining financial stability of the organization. Mary Jane has chaired the Finance Committees for both the Board of REALTORS® and the Multiple Listing Service and has actively served on the Board of Directors of the organization since 1986.

In addition to her duties as part of the elected, volunteer leadership, she also serves on the Contracts & Forms Committee, the Fields Task Force, as a Continuing Education Moderator and New Member Orientation Instructor.… Read on