RESPA: Real Estate Settlement Procedures Act - Federal law governing real estate settlement processes and disclosures
TILA: Truth in Lending Act - Federal law requiring disclosure of credit terms and standardized information about borrowing costs
Fair Housing Act: Federal law prohibiting discrimination in residential real estate transactions based on protected characteristics
Equal Credit Opportunity Act: Federal law ensuring equal access to credit and preventing discrimination in lending practices
State Real Estate Laws: State-specific legislation governing property transactions, including disclosure requirements and contract regulations
Local Zoning Laws: Municipal regulations governing property use, development, and restrictions
Building Codes: Local construction and safety standards that properties must comply with
Property Description Requirements: Legal requirements for accurately describing the property in the LOI, including address, boundaries, and included features
Purchase Price Documentation: Requirements for clearly stating the proposed purchase price and any price-related terms
Earnest Money Regulations: Laws governing the handling and documentation of earnest money deposits
Due Diligence Requirements: Legal framework for the inspection and investigation period of the property
Closing Timeline Regulations: Legal requirements regarding the specification of closing dates and related deadlines
Contingency Clauses: Legal framework for including and structuring conditions such as financing, inspection, and appraisal contingencies
Binding vs. Non-binding Provisions: Legal requirements for clearly distinguishing between binding and non-binding elements of the LOI
Seller's Disclosure Laws: State and federal requirements for disclosure of property conditions and material facts
