On July 1 a new law passed this year by the General Assembly goes into effect. House Bill 1575, called the Consumer Real Estate Settlement Protection Act; separate charge prohibited, prohibits settlement agents from making a separate charge on a settlement statement for complying with requirements that settlement agents collect, maintain, and report to the Department of Taxation information regarding transactions involving the transfer of title to real estate. Though the cost of compliance with such requirements may not be assessed as a separate charge, settlement agents are not prohibited from taking this cost into account in establishing their charges for performing escrow, closing or settlement services.
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Feel free to call Reliant Title's Dick or Matt Reass anytime at (757) 493-7600 if you have any settlement questions.
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