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#413842 - 08/25/05 03:25 PM Purchase of Lots--HELP!
Anonymous
Unregistered

We have a customer who is wanting to construct a home in the future. However, they would like to go ahead and purchase the vacant lots for the future construction site. Could I just use a personal application and would any disclosures be needed?

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Lending Compliance
#413843 - 08/25/05 03:43 PM Re: Purchase of Lots--HELP!
Kari Offline
100 Club
Kari
Joined: Sep 2002
Posts: 131
PA
How far into the future do they want to do construction? weeks, months, years?

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#413844 - 08/25/05 04:13 PM Re: Purchase of Lots--HELP!
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,765
Bloomington, IN
If your loan is for the purchase of the lot only, then it would not be subject to RESPA and ETIL disclosures.
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The opinions expressed are mine and they are not to be taken as legal advice.

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