RESPA (Real Estate Settlement Procedures Act)
RESPA (12 U.S.C. 2601): federal law governing closings. Loan Estimate: 3 days after application. Closing Disclosure: 3 days before closing. Section 8: kickback/referral fee prohibition. Section 10: escrow limits. Violations: actual damages, $K additional for Section 8, attorney fees. CFPB enforces. Protects FL buyers with transparency and anti-kickback rules.
Key Provisions
- Loan Estimate: 3 days after application
- Closing Disclosure: 3 days before closing
- Section 8: no kickbacks/referrals
Protections
- Cost transparency and comparison
- Anti-kickback: no inflated costs
- Escrow account limits
Violations
- Kickbacks, fee-splitting
- Unearned fees, required use
- CFPB enforcement
Related Terms
- Closing — Settlement
Barnes Walker Real Estate
Barnes Walker’s attorneys ensure RESPA compliance in Florida. Request a legal inquiry for assistance.
Florida Law Reference
12 U.S.C. § 2601 et seq. (RESPA); Fla. Stat. § 627.7711
Real estate closings in Florida are governed by federal RESPA requirements and state title insurance regulations. Florida is a "title state" where closings are typically handled by title companies or attorneys.
Reviewed by the attorneys at Barnes Walker, Goethe, Shea & Robinson, PLLC