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Buying a Home is a BIG Investment...Can't Afford a Mistake?...REAL ESTATE PLANNING is the Answer!
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RESPA (Real Estate Settlement Procedures Act)
The Act is a consumer protection statue that covers loans secured with a mortgage, which includes most purchase loans, assumptions, refinances, property improvement loans and equity lines of credit.
The purpose of RESPA is to help consumers become better shoppers and eliminate kickbacks and referral fees the may increase the costs of certain services. RESPA requires the borrowers receive disclosures about the lender servicing, escrow account practices, and business relationships. Anyone who recives illegal compensation is subjec to fines up to $10,000 and/or one year in jail.
The lender must provide the borrower with a copy of the HUD information booklet, a good faith estimate of closing cost, a Settlement Statement one day prior to closing, escrow account, provide a Truth-in-Lending Statement.
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Fair Housing Law
The Fair Housing Act covers most housing, and was born out of the Civil Rights Act of 1968. In some circumstances, the Act exempts owner-occupied buildings with no more than four units and single-family housing sold or rented without the use of a broker. I CANNOT, AND WILL NOT, DISCRIMINATE IN REGARD TO RACE, COLOR, RELIGION, SEX, HANDICAP, FAMILIAL STATUS, OR NATIONAL ORIGIN of any prospective client, customer or of the residents of any community. So, don't tell me that you want to live in a community where there are mostly Hispanics, or where there are no hispanics. If such an example is important to you, you will have to discover the information on your own. Don't ask me if the owner has aids, is another example.
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