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| Remember RESPA Do's and Don'ts |
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The federal Real Estate Settlement Procedures Act, better known as RESPA, prohibits service providers from giving anything of value in exchange for referrals of business.
RESPA violations can carry serious consequences. Understanding the law will help ensure your compliance. For example, RESPA requires that consumers receive disclosures at various times in the transaction and outlaws kickbacks that increase the cost of settlement services. For example, an agent can't accept money from a home inspector in exchange for referring a buyer.
It's important to keep straight what you can and cannot do regarding RESPA so as to maintain good customer relations and conduct ethical and effective business.
For more do's and don'ts about RESPA, go here.
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