Buying Your Home:
Settlement Costs and Information

Table of Contents

I. Introduction

II. Buying & Financing A Home

Role of the Real Estate Broker
Selecting an Attorney
Terms of the Agreement of Sale
Shopping For a Loan
Selecting a Settlement Agent ::
Securing Title Services
RESPA Disclosures
Processing Your Loan Application
RESPA Protection Against Illegal Referral Fees
Your Right to File Complaints

III. Your Settlement Costs

Specific Settlement Costs
Calculating the Amount You Need At Settlement
Adjustments To Costs Shared By Buyer and Seller
HUD-1 Settlement Statement

IV. Appendix

Settlement Costs and Helpful Information (June 1997)

* The content of this booklet has been prepared, prescribed and approved by the U.S. Department of Housing and Urban Development, as required by Section 5 of the Real Estate Settlement Procedures Act of 1974 (Public Law 93-533), effective on June 30, 1976.

This information may be reprinted. However, in no case may any change, deletion, or addition be made in its content.

 

E. Selecting a Settlement Agent

Settlement practices vary from locality to locality, and even within the same county or city. Settlements may be conducted by lenders, title insurance companies, escrow companies, real estate brokers or attorneys for the buyer or seller. You may save money by shopping for the settlement agent.
In some parts of the country (particularly western states), settlement may be conducted by an escrow agent. The parties sign an escrow agreement which requires them to provide certain documents and funds to the agent. Unlike other types of settlement, the parties do not meet around a table to sign documents. Ask how your settlement will be handled.
 
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