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

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
Joined: Sep 2002
Posts: 131
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.
The opinions expressed are mine and they are not to be taken as legal advice.

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