Monday, January 22, 2007

RESPA and Seller Liability

Buyers and Realtors should know that RESPA prohibits a seller from requiring that a buyer use a particular title company. That is, if the transaction falls under the purview of RESPA.

Sellers who attempt to intimidate the buyer should read this web page.

Class action attorneys have their eyes you. Corporate sellers, beware!


James Dudley said...

It makes it tough for a buyer to say no when so many incentives are tied to using these "preffered" partners and vendors.

If your a realtor this could be considered a "kickback".

Diane Cipa, The Closing Specialists® said...

I agree, James, and thanks for the comment.

I see many transactions where the sellers make it look like the buyer has no choice. We'd just like agents and buyers to know they can choose and put sellers on notice that class action attorneys have their eyes open.