Escrow & Title
A Connecticut buyer receives the Closing Disclosure 2 days before the scheduled closing. Under TRID rules, this is:
AAcceptable if the seller agrees to close early
BA violation of the 3 business day waiting requirement, and the closing must be postponed✓ Correct
CAcceptable if the buyer signs a waiver
DOnly a violation if the buyer's loan terms changed
Explanation
TRID requires that the buyer receive the Closing Disclosure at least 3 business days before the loan closing. Receiving it only 2 days before violates this requirement, and closing must be delayed to ensure compliance—unless a valid waiver applies for bona fide personal financial emergency.
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Key Terms to Know
Promissory Note
A written promise to repay a loan under specified terms — the borrower's personal financial obligation in a real estate transaction.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
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