Compliance

Some things you should know:

PennyONE requires proper disclosure from all parties to each
transaction.
PennyONE's NMAP as it relates to the guidelines of The United
States Department of Housing and Urban Development (HUD),
the Real Estate Settlement Procedures Act (RESPA), the
Equal Credit Opportunity Act (ECOA) and other federal
regulatory authorities as well as generally accepted industry
standards is in compliance when disclosed properly.
It should be understood that PennyONE does not represent
the buyer or the seller as an agent, and is not acting as an
real estate agent or lender. We do not prepare purchase
contracts or practice law. To obtain proper representation,
please consult with local real estate professional.
The Seller fully understands that the fee collected from their
property will not be used to provide any assistance, closing
costs, down payment, or in any way be used to assist the
buyer of their property. The funds used to assist the buyer
are PennyONEs funds and come from a pre-existing pool of
capital. When the seller pays our fee, that fee is used to help
the next buyer.
The Seller is under no obligation to pay the marketing and
consulting fee if the Homebuyer using PennyONE's
Neighborhood Marketing Alliance does not purchase their
participating property.
The Seller is only obligated to pay the marketing and
consulting fee after we provide a service that results in a
consummated transaction.
In order to insure all parties to the real estate purchase
contract are properly informed of PennyONE's involvement, an
addendum to the purchase contract should reflect our
involvement. The addendum should be written in accordance
with the federal and state real estate contract disclosure rules
relating to your participating area.