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A potential customer would like to build a metal shop for consumer purposes on a lot next to his home. This lot has a different address/legal description than his home and would be used as collateral. Since it will NOT be a 1-4 family residence but is consumer purpose, would this be subject to TRID? Please advise what would/would not apply in this transaction.
Yes, TRID would apply based off the scenario you listed.
1. The transaction described is a closed-end consumer credit transaction secured by real property.
2. The transaction as described is a consumer purpose.
3. The applicant is a natural person.Hope this helps.
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