The Hilton Head Area Association of Realtors is alerting its members and the public of changes to the Real Estate Settlement Procedures Act (RESPA) and Truth in Lending Act (TILA). These changes will take effect Aug. 1, and will significantly affect the closing process.
On Nov. 20, 2013, the Consumer Financial Protection Bureau issued its final rule to integrate RESPA and TILA disclosures and regulations. The ruling integrates existing disclosures with new requirements from the Dodd-Frank Act to improve consumer understanding of the mortgage process, make it easier to comparison shop and help prevent surprises at closing.
The national real estate website Movoto recently ranked the Top 10 cities in South Carolina cities to live in. Hilton Head Island came in at No. 2, behind Five Forks. To justify its ranking of the island, the site said, “Even without some of the state’s most beautiful beaches taken into account, this Beaufort County town still made it to the top of our list for its overall high score in quality of life.” Charleston tied Hilton Head at the No. 2 spot.
Hilton Head Island hosts more than 2.4 million visitors annually and over 40 percent of those guests stay in Home and villa rental properties 
There are those among us for whom the American dream isn’t just about owning their home. It’s also about owning a vacation property with a spectacular view of the Atlantic Ocean, a large deck, a hot tub and a pool. It’s about having a vacation retreat that’s meticulously maintained and always awaiting their arrival. Such homes can stretch nearly everyone’s budget, especially budgets for those unable to pry themselves away from their jobs for only a few days out of the year. After a quick cost/benefit analysis, some may believe that the dream of owning a vacation home might forever remain solely a dream.
