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Uniondale Community Page
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| When dealing with real estate, make sure you get all the info |
| This question was asked recently at an open house and the answer is nothing. The Real Estate Settlement Procedures Act enacted by congress in 1974. This was to regulate lending activities of lending institutions in making mortgage loans for housing and ensure that individuals purchasing federally financed or refinanced properties were not being hit with expensive settlement charges. The main purpose of this act was to achieve advance disclosure of settlement costs to home buyers and sellers. What we see happening in the real estate arena today has very little to do with Real Estate Settlement Procedures Act, the banks and lending institution disclose proper information to buyers and sellers. |