National Association of Realtors® Warns Real Estate Agents about Following RESPA Rules
Re-written with Permission: National Association of Realtors®
Not only do YOU need to know what Realtors® have been told, you can also use this as a marketing tool and share with your real estate agents.
RESPA Dos and Don’ts For Real Estate Brokers and Agents
1. Entities Subject to RESPA
Services that occur at or prior to the purchase of a home are typically considered settlement services. These services include title insurance, mortgage loans, appraisals, abstracts, and home inspections. Services that occur after closing generally are not considered settlement services.
RESPA covers, among others:
Real Estate Brokers and Agents
Mortgage Bankers and Mortgage Brokers
Title Companies and Title Agents
Home Warranty Companies
Hazard Insurance Agents
Flood and Tax Service Providers
Home and Pest Inspectors
RESPA, however, does not apply to:
Home Improvement Contractors
2. RESPA Prohibitions
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