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Real Estate Laws and Regulations

New Rules Give House Buyers More Review Time

From Marketwatch.com: The federal government requires that as of Oct. 3 loan disclosure documents must combine the information required in the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). Under the new rule change, known as the “Know Before You Owe” rule, or the TILA-RESPA Integrated Disclosure (TRID) regulation, consumers must be given the new combined Loan Estimate (LE) with all the charges, fees and line items three days before the closing, rather than at the closing on the HUD-1 form, which itself will disappear. Read more.

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10 Homeowner Tax Breaks

(From Marketwach.com) If death and taxes are the two true givens in life, there probably should be a third: the bucketful of tax breaks Uncle Sam throws out every year to encourage more Americans to buy a home. From being able to write off virtually all mortgage interest, not only for your primary home, but for a second home as well — up to $1.1 million of debt (when you include home-equity loans) in most cases, to being able to write off your property taxes, homeowners have opportunities for dozens more federal income tax deductions than renters. Read more.

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Consumer Financial Protection Bureau Issues Final Rule On Mortgage Disclosures

(Re-Posted from CFPB website):

Today, we’re issuing the TILA-RESPA final rule. This rule improves the way consumers receive information about mortgage loans, both when they apply and when they’re getting ready to close. Alongside the rule, we’re publishing information to help industry understand what the requirements are, such as how to fill out the disclosure forms. Helping with that understanding will be an ongoing process. We’re also publishing information about the project that got us here and what the new rule means for consumers.

We want it to be easier for consumers to shop effectively for mortgages and to make the decisions that work for them. We want consumers who are confident in the information they receive, the lenders they work with, and their ability to make good comparisons. This rule is a key part of that effort, so we’ve spent a lot of time testing the new disclosures with consumers who will them as well as industry who will have to explain them to consumers. The results of that testing show that our new disclosures make information clearer and easier to use. Read more.

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Thoughts on New KY Condo Law

There still appears to be uncertainty about some provisions of the new law governing condominiums in Kentucky.  Patrick Hohman of Louisville recently self-published a book and website on condo management, and has been interviewed about the subject for Nightly Business Report on PBS. Following is a link to Hohman's interview with Chris Otts of the CJ. More here.

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