Home closing gurus

New federal rules are making it more complicated – but safer – to close on residential property, and Downcity Home Closing hopes to help parties navigate the transaction.

Three partners launched the Barrington business in January, said President Pamela Hanson. The goal is to guide consumers, lawyers, lenders and Realtors in complying with the changes imposed by the U.S. Consumer Financial Protection Bureau, which take effect in October and are intended to protect sensitive consumer information documented when buying or selling a home.

“We close anywhere,” Hanson said. “Before, that was hard to do because documentation could change up until the last minute. That’s no longer the case. You’re going to have to have certain pieces of documentation in advance now for mandatory review, which lengthens the closing time.”

Downcity’s typical fee is about $1,800, which Hanson says is several hundred dollars less than average. •

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