The Real Estate Encyclopedia
Real Estate Settlement Procedures Act
Category - Real Estate Glossary - Real Estate Terminology

The Real Estate Settlement Procedures Act (RESPA) is a federal law passed in 1975 requiring the disclosure to borrowers details about closing costs and settlement procedures. RESPA requires that consumers receive disclosures at various times in the transaction and outlaws kickbacks that increase the cost of settlement services. RESPA is a HUD consumer protection statute designed to help homebuyers be better shoppers in the home buying process, and is enforced by the Department of Housing and Urban Development (HUD).

 

 
Category(s)
Real Estate Glossary - Real Estate Terminology
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