Real Estate Settlement Procedures Act
Definition:
A consumer who is planning to refinance his/her home must know about their rights under the Real Estate Settlement Procedures Act (RESPA). This act is intended for consumer protection and it enables consumers to get better settlement. The Real Estate Settlement Procedures Act protects borrowers from being deceived by lenders, as well as helps to get rid of unnecessary referral fees or bribes that add on to the costs of settlement services.Consequences of Real Estate Settlement Procedures Act:
The Real Estate Settlement Procedures Act only covers
certain settlement services that occur before purchasing a home, such as:
- Home warranty companies
- Mortgage bankers
- Mortgage brokers
- Real estate brokers
- Real estate agents
- Hazard Insurance agents
- Title companies
- Title agents
- Flood providers
- Tax-service providers
- Home Inspectors
What a Lawyer can do for you:
Real Estate Settlement Procedures Act violation, it can be a threat to your homeownership. These types of cases are complicated and require you to consult with an experienced real property attorney, so you can protect your interests. A RESPA lawyer can give you the legal advice you need and help you get the compensation that you deserve.Lawyer Referral Service:
If you are going through a residential or commercial real estate transaction and need a real property lawyer to help protect you under the Real Estate Settlement Procedures Act, Attorney Search Network can help. We can find you a real property lawyer to protect your interests.If you have any questions about the information provided above, please contact us
Call us or click here to get a referral to an Attorney Search Network panel lawyer or law firm.
