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What is the Real Estate Settlement Procedures Act (RESPA)?

April 26, 2017ACT procedures Real Estate RESPA

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What is the Real Estate Settlement Procedures Act (RESPA)?

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RESPA is a federal regulation that governs certain aspects of the closing and settlement process in real estate transactions. Designed to protect consumers who are buying houses, the U.S. Department of Housing & Urban Development (HUD) enforces RESPA. RESPA requires that buyers be given certain information at various points during the purchase process, and outlaws kickbacks that might increase the costs of closing and settlement.