Regulations on Real Estate Lending

Posted on January 27, 2008 by Nancy Liu | Category: Real Estate

There are two major regulations on real estate lending.  One is the Real Estate Settlement Procedures Act, also called RESPA.  The other is the Truth in Lending Act. 1.     Real Estate Settlement Procedures Act (RESPA) In 1974, the United States Congress passed a consumer-protection statute called Real Estate Settlement Procedures Act (RESPA).  The purpose… Read More

Escrow Accounts in Real Estate Transactions

Posted on January 23, 2008 by Nancy Liu | Category: Real Estate

When a buyer purchases a property with a mortgage, the mortgage lender often requires the borrower to set up an escrow account with the lender.  The purpose of an escrow account is to ensure that the borrower will pay the property’s property taxes and insurance premiums (hazardous insurance, or flood insurance, if any) on time. … Read More

Homestead Exemption

Posted on January 23, 2008 by Nancy Liu | Category: Real Estate

Here I would like to share a little knowledge that might save you big bucks in the future. I always like to remind homebuyers to apply for the homestead exemption at the end of the closing.  I vividly remember at one closing, while I was talking to the buyer about this, the seller was astonished. … Read More