Escrow & Title
RESPA (Real Estate Settlement Procedures Act) governs West Virginia residential closings by requiring:
AA specific closing date within 30 days of contract signing
BDisclosure of settlement costs and prohibiting kickbacks for referral of settlement services✓ Correct
CUse of a licensed escrow attorney for all closings
DA minimum 3-day waiting period after loan approval before closing
Explanation
RESPA requires lenders and settlement agents to disclose all settlement costs via the Closing Disclosure, prohibits kickbacks and unearned fees for referrals of settlement services, and requires use of the standard Closing Disclosure for federally related mortgage loans.
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