Real Estate Settlement Procedures Act
/ˈriːəl ɪˈsteɪt ˈsɛtlmənt prəˈsiːdʒərz ækt/
Definitions
- (n.) A federal law enacted in 1974 to protect consumers by requiring disclosures about the costs of real estate settlement services.
The Real Estate Settlement Procedures Act mandates lenders to provide borrowers with a Good Faith Estimate of closing costs.
Forms
- real estate settlement procedures act
Related terms
See also
Commentary
Commonly abbreviated as RESPA, it specifically aims to eliminate abusive practices in the real estate settlement process and promote transparency.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.