Respa, or the Federal Real Estate Settlement Procedures Act, requires lenders to release information to potential buyers during the mortgage process. The purpose of doing this is to make sure borrowers are secure and protected from any risks or abuses associated with lending institutions.
Respa also requires that lenders inform buyers of a variety of items including closing costs, lender services and account practices, and business relationships between closing and/or service providers during the transaction.
Staying aware and educated on your closing costs may help your real estate transaction run with both clarity and efficiency. Think about it, would you ever purchase something without knowing exactly where your money is going and what you would get in return? Then the same should go for your property purchases.
Not sure where to start? Ask your lender about Respa or, call Title Junction! At your Fort Myers Title Company you’ll be able to have any of your general questions regarding Respa’s requirements and limitations answered so that you can feel confident in the distribution of your finances.
About Title Junction: Title Junction (http://www.title-junction.com) is a full service real estate title company serving the area of Fort Myers, Cape Coral, and the entire state of Florida. The company handles a number of real estate title services for both commercial and residential properties and the employees can help a foreign investor or foreign seller navigate through the tricky FIRPTA regulations. Employees of Title Junction can also act as a witness in courtesy closings, an escrow agent or a notary public. The company was founded in 2005.