Escrow & Title
A Connecticut property closing must occur within a certain number of days after the buyer receives the Closing Disclosure. Under TRID rules, the minimum waiting period after the buyer receives the Closing Disclosure is:
A1 business day
B3 business days✓ Correct
C5 business days
D7 business days
Explanation
Under TRID (TILA-RESPA Integrated Disclosure), the borrower must receive the Closing Disclosure at least 3 business days before the loan closing date. This waiting period allows the borrower to review the final loan terms and costs.
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Key Terms to Know
Closing Costs
Fees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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