What is RESPA?

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

All REALTORS must ensure that their transactions abide by RESPA or face federal sanctions. To read more about RESPA, click here.

I have also included additional information about RESPA here as well.

The guidelines of RESPA are for the protection of you, the home buyer or home seller.

This page last updated on 3/2009