Truth in Lending Act (TILA): Federal law that requires lenders to provide standardized disclosures about terms and costs associated with the real estate transaction.
Real Estate Settlement Procedures Act (RESPA): Federal law governing the real estate settlement process, including requirements for disclosures and prohibited practices.
Interstate Land Sales Full Disclosure Act: Federal law requiring developers to provide detailed information to buyers about their land purchases.
State Real Estate Laws: Specific laws that vary by state governing real estate transactions, including requirements for contracts, disclosures, and closing procedures.
State Contract Laws: General contract law principles that govern the formation and enforcement of contracts within each state.
Statute of Frauds: Legal requirement that certain contracts, including real estate contracts, must be in writing and signed by the parties to be enforceable.
State Disclosure Requirements: State-specific rules about what information must be disclosed to buyers during real estate transactions.
Original Purchase Agreement Reference: Legal requirement that any addendum must properly reference and tie back to the original purchase agreement.
Consideration Requirement: Legal principle requiring that a contract modification must be supported by valid consideration to be enforceable.
Signature Requirements: Legal requirement that all parties to the original contract must sign the addendum for it to be valid.
Mortgage Lender Requirements: Specific deadlines and conditions set by the mortgage lender that must be considered when extending the closing date.
Local Real Estate Board Regulations: Rules and requirements set by local real estate boards that govern real estate transactions in their jurisdiction.
Title Company Requirements: Specific requirements from the title company regarding the extension of closing date and any necessary updates to title searches.
Recording Requirements: Local and state requirements for recording real estate documents and any modifications to them.
Existing Contingencies: Any existing contingencies from the original contract that must be considered or addressed in the closing date extension.
