The Real Estate Settlement Procedures Act or "RESPA."
A closing on a residential property is memorialized on a settlement statement. A settlement statement is basically a balance sheet of what is owed by the buyer and seller, payments and charges to and by both parties. Every payment in connection with the closing must be on the settlement statement and disclosed to all parties. The settlement statement and how it is prepared is governed by the Real Estate Settlement Procedures Act or "RESPA."
Most of the time, Buyer deposits are held by the Selling Agent’s Broker. At RMAA, we have clear procedures in place to track the funds. We follow the money and let you know if the money isn’t forthcoming.
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