For many people, buying a home is the single most significant financial step of a lifetime. The Real Estate Settlement Procedure Act of 1974 (RESPA), a Federal statute, helps to protect you at this step.

Settlement is the formal process by which ownership of real property passes from seller to buyer. It is the end of the home buying process, the time when title to the property is transferred from the seller to the buyer.

RESPA covers most residential mortgage loans used to finance the purchase of one-to four-family properties, such as a house, a condominium or cooperative apartment unit, a lot with a manufactured home, or a lot which you will build a house or place a manufactured home immediately following settlement. RESPA does not apply to loans refinancing the home.

RESPA is not designed to set the prices of settlement services. Instead, it provides you with information to take the mystery out of the settlement process, so that you can shop for settlement services and make informed decisions.

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