New purchase agreement and new HUD statement will further protect buyers and sellers this year with more oversight from the regulation committee. One change on the purchase agreement ask for the title policy to be the best offered base on what type of property a buyer is buying. This will assure that the buyer will always have the best policy. Agents ordering the title policies will need to be sure to explain this to the title company.

The HUD statement will be confusing at first because of all the changes made but it is designed to help the buyers understand all the fees charged by the mortgage company and the title company's so the consumer has a chance to shop the fees. This can be good as far as cost go but this could also make some deals fall apart and some delayed closings if the buyer finds lower cost at a different title company or mortgage company.

It would be easier if the fees in each state were regulated to avoid confusion.

Realtors could end up doing more work for the same process. In addition, the realtors will need to be aware of closing taking longer. Getting a HUD statement as soon as possible will more important to help over come closing delays.

Over all I think the new HUD will make things smoother but it will take some time, as the HUD is still a work in progress.