As of today, all real estate transactions in the United States are undergoing a major change. Specifically, the closing process and lender requirements have been subjected to the largest overhaul in decades, mandated by the US Government. 

If you've bought or sold a house in the past decade, you received a settlement statement at closing. That form, called a HUD-1 in industry parlance, is dead. 

It has been replaced by a new form mandated by the Consumer Finance Protection Bureau (CFPB). The form isn't the big deal, though, it's the rules that come with it.

The new rules are SERIOUSLY complicated. I graduated with honors from Northwestern and was a visiting scholar at Oxford; I'd like to think I'm not the dullest tool in the shed. Nevertheless, after 3 hours of training and discussion on CFPB rules, the nuances and implications remain as clear as mud.

I even asked several questions of the head of a title company and lender who were teaching a class on the new rules -- and they couldn't answer my questions. The government just isn't making this easy on anyone.

Without bogging you down in details, and hypothetical scenarios, here's what everyone should know:

45 is the new 30. 30 days used to be industry standard for a reasonably speedy close. No more. There are mandated disclosure time periods and rights of rescission that can easily add 15 days to a transaction. Lenders and escrow companies are telling everyone 45 days is as speedy as it will get. The government is also telling people to write contracts for at least 45 day closes.

In theory, these changes only impact transactions involving a loan. Cash only deals can still happen as quickly as you'd like -- except that there's going to be a lot of chaos happening in coming weeks and months. So, even on cash deals better to give yourself some wiggle room, because title companies are going to be as crazy as accountant's offices on April 15 -- for months.

Loans are going to get more expensive. The added compliance involved in all of this is going to be costly. It's basically a tax on the mortgage lenders, and they'll build that into their pricing.

Buyers will have more liability! The CFPB will not tell you this, because these rules were made to protect consumers. However, the rules have a significant (presumably unintended) consequence. Specifically, there's a burden on buyers to handle loan document requirements -- on a government mandated timeline. 

This allows sellers to cancel a contract -- and take the buyer's earnest deposit as liquidated damages -- if the buyer isn't following all the steps in a timely fashion. In other words, a buyer could fully intend to close AND lose their earnest deposit AND lose the right to purchase the home -- just for paperwork delays. Expect some fun and fascinating lawsuits to follow as people get burned.

Title companies and lenders are saying it will be at least January before the chaos subsides, and very few are confident it will be that soon. There's no need to refrain from doing a real estate transaction now, just know that the time and toil will be greater.

Also make sure you're represented by an agent who understands the very substantial unintended consequences of this change. I will be taking specific actions to help protect the interests of my clients, but many agents are unprepared.

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My last pocket listing received an all cash offer -- with a 3 week close -- in less than a month. This was on a multi-million dollar property, in a neighborhood where buyers at that level are supposedly scarce.

I can't guarantee results like this for everyone, but I can guarantee that I will hustle for you. Please reply with your address and phone if you'd like to explore this option.

Closing jumped to $12.4 million from the prior week's $7.4 million. The average price was up to $1.4 million from $1.2 million.

Price per square foot remained low at $279, another week where numerous handyman specials and teardowns sold.