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clenard
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 Posted: Tue Sep 29, 2009 1:02 pm Post subject: Maryland wet state for refinances? |
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I need some clarification. I understand that Maryland is a Wet State as far as purchases go, but is it a Wet State for refinances?? My concern is that if the docs are drawn for a Tuesday, then for a purchase, they have to be signed on that Tuesday. But for a refinance, if the docs are dated for a Tuesday, can they be signed on Wednesday and then still fund after the 3 day right to cancel??
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 thewretched02
Joined: 23 Jun 2009
Posts: 115
23.90 Dollars($)
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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| Posted: Tue Sep 29, 2009 7:43 pm Post subject: |
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Accordign to this law the agents are required to relase the funds on or before closign date
This assures the seller that they will recive the payment on closing |
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jenkin7
Joined: 04 Jun 2007
Posts: 3421
Location: Hawaii
512.47 Dollars($)
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| Posted: Wed Sep 30, 2009 12:17 am Post subject: |
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Hi clenard,
As far as I know, Maryland wet settlement laws are applicable to both purchase and refinance transactions. This means the docs have to be signed on the same date when they are drawn. The funds also need to be disbursed on or before the closing date of the refinance. This is a requirement for both purchases and refinances. |
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