If you’ve just begun the process of house hunting with us, or will be in the near future, we wanted to share with you and all of our clients upcoming changes to what is called the Real Estate Settlement Procedures ACT, or RESPA.
The changes to RESPA, initially scheduled to become effective August 1, 2015, have now been slated for enactment October 1, 2015.
Nonetheless, for anyone considering delving into the housing market, we wanted to make sure you were aware of these changes:
- The greatest single change to RESPA comes with the closing process. According to this new regulation, the closing disclosure must be in the hands of the home buyer three days prior to the closing date.
In terms of the home buyer, this is the single largest change to pay attention to, and; if you’re on the selling end, to make sure this happens so that nothing can stand in the way of closing time.
If you hear this term in passing, we request that you just be mindful of it. Generally, this information is for your mortgage broker and legal representation to take care of.
We always want our American Dream clients to be educated on up-to-date regulations and laws.
For more information call our office.
Your American Dream Team