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HUD TO ADOPT BUYER SELECT CLOSING AGENT PROGRAM

Effective February 1, 2013, HUD will be implementing a “Buyer Select” closing agent program for the following New York Counties: Bronx, Kings, Queens, New York, Staten Island, Richmond, Nassau, & Suffolk. This means that buyers with a ratified contract on or after February 1st will be able to choose their own Closing Agent. Please note: HUD will pay the buyer’s settlement fee to the extent that closing cost assistance was requested on Line 5 at time of bid submission and there are sufficient funds remaining to pay the fee.

BUYER SELECT PROGRAM IMPLEMENTATION IN, NEW JERSEY, MICHIGAN, CONNECTICUT, AND RHODE ISLAND

HUD has implemented its “Buyer Select” closing agent program in the states of New Jersey, Michigan, Connecticut and Rhode Island. This means that buyers with a bid accepted on or after the date indicated below for their respective state will choose their own Closing Agent.

Please note: HUD will pay the buyer’s settlement fee to the extent that closing cost assistance was requested on Line 5 at time of bid submission and there are sufficient funds remaining to pay the fee. Should no closing costs be entered on line 5 of the bid submission, the buyer is responsible for the closing fees charged by the settlement company chosen by the buyer.

Below are the exact implementation dates for these states:

State:                    Effective Date:
New Jersey                        6/1/13
Michigan                            7/1/13
Connecticut                       7/8/13
Rhode Island                      7/8/13

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