Escrow & Title
In Nevada, what is a 'closing disclosure' (CD) and when must the borrower receive it?
AA document prepared by NRED summarizing the licensee's commissions
BA RESPA-required document summarizing all actual closing costs that the borrower must receive at least 3 business days before closing✓ Correct
CA title insurance policy delivered after closing
DA Nevada-specific form listing all HOA fees due at closing
Explanation
The Closing Disclosure (CD) is a federally mandated RESPA/TRID form that itemizes all actual costs associated with a mortgage transaction — loan terms, monthly payments, closing costs, prepaid items, and cash to close. Lenders must provide the CD to borrowers at least 3 business days before closing (the '3-day rule').
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Closing CostsFees 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.
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.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Math Concepts
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