The Real Estate
Settlement Procedures Act (RESPA) was enacted in 1975. The federal statute was
introduced to stop malpractice and restrict the usage of escrow accounts in the
real estate settlement process.
Who regulates RESPA?
Once RESPA became effective in 1975, it was under the U.S. Department of Housing & Urban Development (HUD) jurisdiction. Ever since its inception, the Act has undergone several amendments and changes. However, after 2011, the Consumer Financial Protection Bureau monitored RESPA due to the Dodd-Frank Wall Street Reform and Consumer Protection legislation.
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Whether you’re early in your career or a long-time renter, there are many reasons why you may want to consider renting or buying a home. Here are some questions to ask yourself when debating whether to rent or buy your next home.
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Realty Executives International announced today that it has expanded its partnership with Zillow, Inc., the leading real estate and rental marketplace in the U.S., to include listings from their Canadian franchises. The Canadian listings from Realty Executives will drive unprecedented global exposure to Canadian homes for sale to the millions of home shoppers that visit Zillow every month.
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Is it time to purchase your first home? Owning your own home may offer many advantages including building equity, qualifying for tax deductions, and having a place to call your own. It also requires a level of financial and emotional readiness. Evaluating your position in each of the following categories can help guide you as you make this important decision.
Monthly Finances
Purchasing a home is a big financial decision. In addition to making mortgage payments you also have to factor in additional costs such as taxes, homeowner’s insurance, homeowner’s association fees, city assessments, and household repairs. Mortgage companies use a debt to income ratio (DTI) to determine loan eligibility.
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According to Forbes, multi-generational living is on the rise and an estimated 60.6 million Americans are currently living in a multi-generational household. In Canada, recent census studies show households of three or more generations all living under one roof represent the fastest-growing household type. There are many economical and familial advantages to multi-generational living. It is important, however, to find a home that is well-suited for every member of the household. Keep these important considerations in mind when buying a multi-generational home. Continue reading →
Although buying or selling a home can bring about exciting changes for you and your family, it can introduce stress for your four legged loved ones. As a seller, having strangers coming in and out of your house can be alarming and upsetting to your pets. As a homebuyer, you want your new home to be safe and comfortable for every member of your family – even the furry ones. Whether you’re buying your first home or getting ready to put your house on the market, these pet safety tips for homebuyers and sellers will help make the process easier on you and your pets. Continue reading →
During the home buying process, you’ll be working with a range of professionals, including a real estate agent, loan officer, home inspector, appraiser, and a lawyer or representative from a title company. And while you may need to divulge some very personal information, like your annual income and debt history, not all of these people need to know the intricate details of your life.
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According to a Google Consumer survey, 50% of prospective home buyers start searching between six and 12 months in advance. Because purchasing a home is the largest lifetime financial investment for many, if not most consumers, it comes as no surprise that a wealth of research usually comes before deciding on a home.
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