Changes to two of the most commonly used forms in residential real estate will be described and discussed in the 2010-11 Update Course.
The HUD-1 Settlement Statement and accompanying Good Faith Estimate “GFE” form were altered effective January 1, 2010 by the U.S. Department of Housing and Urban Development under authority granted by the Real Estate Settlement Procedures Act (RESPA).
The Offer to Purchase and Contract form used in residential transactions has been revised by the North Carolina Association of REALTORS® and North Carolina Bar Association effective January 1, 2011.
Both forms will be explained, as well as a broker’s obligations as to each. Specific fact situations will be provided to illustrate how to apply the provisions of each new contract form.
The Update Course will also briefly cover any changes in the Real Estate License Law and Commission rules, plus a safety tip. □
The Real Estate Bulletin provided an overview of the changes to the HUD forms and settlement procedures in the January 2010 issue. Additional information along with the new forms can be found at www.hud.gov/respa.
This article came from the May 2010-Vol41-1 edition of the bulletin.