If you are financing your purchase, changes to lending laws now require that you have three days between the time you receive your closing disclosure and the time you actually sign loan docs. While the law makes a lot of sense for a re-finance, it has never made much sense for a purchase because if you don’t take the loan, you don’t take the house, and if you don’t take the house days before closing, you are most likely about to lose your good-faith deposit and your new home.
Dodd-Frank and the Consumer Financial Protection Bureau are the laws and departments that are responsible for the latest revisions to closing documentation and the closing process. Prior to the enactment of the current closing rules, a buyer could sign the loan docs once they had been generated, but on a re-finance had to wait three days after signing to actually close the transaction (3 day right of recission).
Under the current law, a buyer cannot sign the loan docs until 3 days after they have signed the closing disclosure. Once they have signed the documents, they can immediately close the transaction. But they absolutely positively cannot sign the documents until after 3 days.
For the purposes of day counting, Dodd-Frank and the CFPB allow you to count business days and Saturdays towards your three-day waiting period, but not Sundays or Federal holidays. And because all of this day counting can be a little tedious, our pals at Fidelity National Title put together the above calendar that shows exactly when you can sign your documents based on when you receive your closing disclosure.