On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in Real Estate on Jan 27, 2017.
Depending on your point of view, the myriad of federal, state and local laws impacting a single real estate transaction is either an unnecessary hindrance adding to the cost of the transaction on all sides, or needed protections for all parties, the environment and society in general. From consumer protection to environmental protection to zoning, all branches of government want to have a say in your deal. Our Montgomery County real estate lawyer highlights some of the laws below. Federal Laws Relating to Real Estate By far the most encompassing of the three levels of government, federal statutes and their implementing regulations touch on all aspects of a real estate transaction and beyond: The sales process (e.g. what you can say and who you can sell to); Inspections (e.g. the duty to disclose); Appraisals (e.g. qualifications and non-hindrance); The lending process (e.g. who can be required to sign; disclosure of terms); The closing process (e.g. fees, title companies, closing costs, escrow); and The foreclosure process in the event of default under a mortgage (e.g. disclosure of rights and cure periods). The following are some of the federal laws that may directly or indirectly relate to your real estate transaction: Fair Housing Act; Truth In Lending Act, Consumer Protection Ac; Real Estate Settlement And Procedures Act; Equal Credit Opportunity Act: Home Mortgage Disclosure Act; Fair Credit Reporting Act; Americans With Disabilities Act; USA Patriot Act; Dodd Frank Wall Street Reform and Consumer Protection Act; Financial Institutions Reform, Recovery, and Enforcement Act; […]