Real Estate Settlement Procedures Act (RESPA): A federal law, enacted in 1974 and later revised, that ensures that the buyer and seller in a real estate transaction have knowledge of all settlement costs when the purchase of a one-to-four-family residential dwelling is financed by a federally related mortgage loan. Federally related loans are broadly defined to include loans made by savings and loan associations or other lenders whose deposits are insured by federal agencies, insured by the FHA or VA, administered by the Department of Housing and Urban Development or intended to be sold by the lender to Fannie Mae or a similar federal agency.

 

Related Words

Real Estate Settlement Procedures Act (RESPA): A federal law, enacted in 1974 and later revised, that ensures that the buyer and seller in a real estate transaction have knowledge of all settlement costs when the purchase of a one-to-fou . . . View Full Definition

Hud-1 Settlement Statement: At closing, in conformance with Real Estate Settlement Procedures Act (RESPA) regulations, a HUD-1 settlement statement is prepared showing the exact closing costs to buyer and seller.

Perishable Agricultural Commodities Act (PACA) Of 1930: P.L. 71-325 (June 10, 1930), as amended, regulates the buying and selling of fresh and frozen fruits and vegetables to prevent unfair trading practices and to assure that sellers will be pai . . . View Full Definition

Peripheral Heart Action (PHA): A system of training where you go from one exercise to another, with little or no rest, preferably alternating upper body and lower body exercises. Designed for cardiovascular training and t . . . View Full Definition