30 June 2009 ? Changes in the Housing and Economic Recovery Act and The Home Ownership and Equity Protection Act that were made last October will go into effect July 30, 2009. All lenders and brokers must comply with the new rules. It will impact the real estate industry every single day. Realistic expectations will need to set with all parties, such as: 1) 30-day minimum closing date; 2) All closing figures for the buyer and the seller must be submitted to the title company within three days prior to closing. Currently, these numbers are submitted 24-hours prior to closing; 3) If the APR interest rate that was quoted to the buyer is off by even an 1/8th of a point, the regulation calls for a mandatory three day freeze. What this means is that the property will not close that day. Real estate agents need to be aware of these changes in order to prepare their clients. Moving day will be even more chaotic. Clients will need to understand that they will need to build in a minimum of three days and that the possibility is greater than ever that the closing will be pushed back.