Key Takeaways
- RESPA requires 3-day Closing Disclosure delivery before closing—material changes restart the waiting period.
- FinCEN's GTOs and the Corporate Transparency Act require beneficial owner identification for entity purchasers.
- Closing compliance failures can result in voided transactions, $10,000+ fines, and personal liability.
- Systematic quality controls (pre-closing audit, signature verification, fund verification, post-closing audit) prevent compliance failures.
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Test Your Knowledge
1.What is RESPA and how does it affect commercial closings?
2.What are Anti-Money Laundering (AML) requirements in real estate closings?
3.What compliance controls should be in place for the closing process?